Abeona Therapeutics (NASDAQ:ABEO) Shares Cross Above 50-Day Moving Average – Here’s Why

Abeona Therapeutics Inc (NASDAQ:ABEO)’s stock price passed above its 50-day moving average during trading on Thursday . The stock has a 50-day moving average of $5.56 and traded as high as $6.66. Abeona Therapeutics shares last traded at $6.58, with a volume of 375,543 shares changing hands.

Analyst Ratings Changes

ABEO has been the topic of several analyst reports. StockNews.com raised Abeona Therapeutics from a “sell” rating to a “hold” rating in a report on Tuesday, September 10th. HC Wainwright reissued a “buy” rating and set a $15.00 price target on shares of Abeona Therapeutics in a report on Wednesday, August 14th. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $18.00 price objective on shares of Abeona Therapeutics in a report on Friday, September 20th.

Abeona Therapeutics Price Performance

The firm has a market capitalization of $277.62 million, a PE ratio of -2.52 and a beta of 1.53. The company has a quick ratio of 7.48, a current ratio of 7.48 and a debt-to-equity ratio of 0.22. The stock has a 50-day moving average price of $5.59 and a 200 day moving average price of $5.29.

Abeona Therapeutics (NASDAQ:ABEO) last posted its quarterly earnings data on Monday, August 12th. The biopharmaceutical company reported ($0.75) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.33) by ($0.42). Equities analysts forecast that Abeona Therapeutics Inc will post -1.28 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the stock. Acadian Asset Management LLC purchased a new stake in shares of Abeona Therapeutics during the first quarter worth approximately $91,000. Bank of New York Mellon Corp grew its holdings in shares of Abeona Therapeutics by 2.0% during the second quarter. Bank of New York Mellon Corp now owns 121,453 shares of the biopharmaceutical company’s stock worth $515,000 after buying an additional 2,434 shares in the last quarter. Simplify Asset Management Inc. acquired a new stake in shares of Abeona Therapeutics in the second quarter valued at about $1,732,000. Renaissance Technologies LLC lifted its stake in shares of Abeona Therapeutics by 581.6% in the second quarter. Renaissance Technologies LLC now owns 503,293 shares of the biopharmaceutical company’s stock worth $2,134,000 after buying an additional 429,456 shares in the last quarter. Finally, Rosalind Advisors Inc. acquired a new position in Abeona Therapeutics during the second quarter worth about $7,420,000. Institutional investors and hedge funds own 80.56% of the company’s stock.

About Abeona Therapeutics

Abeona Therapeutics Inc, a clinical-stage biopharmaceutical company, focuses on developing and delivering gene therapy products for severe and life-threatening rare diseases. The company's lead programs are EB-101 (gene-corrected skin grafts) for recessive dystrophic epidermolysis bullosa (RDEB); ABO-102, which are AAV based gene therapies for Sanfilippo syndrome type A; and ABO-101, an adeno-associated virus (AAV) based gene therapies for Sanfilippo syndrome type B.