Abeona Therapeutics (NASDAQ:ABEO) Shares Pass Above 50-Day Moving Average - Here's Why

Abeona Therapeutics Inc. (NASDAQ:ABEO - Get Free Report) shares crossed above its 50-day moving average during trading on Friday . The stock has a 50-day moving average of $5.89 and traded as high as $6.13. Abeona Therapeutics shares last traded at $5.89, with a volume of 1,209,450 shares traded.

Wall Street Analyst Weigh In

Several analysts have commented on ABEO shares. HC Wainwright lifted their price objective on shares of Abeona Therapeutics from $15.00 to $20.00 and gave the company a "buy" rating in a research note on Wednesday, April 30th. Oppenheimer started coverage on shares of Abeona Therapeutics in a research report on Monday, June 2nd. They set an "outperform" rating and a $19.00 target price for the company. Alliance Global Partners reaffirmed a "buy" rating on shares of Abeona Therapeutics in a research report on Thursday, May 15th. Wall Street Zen cut Abeona Therapeutics from a "hold" rating to a "sell" rating in a report on Thursday, May 15th. Finally, Stifel Nicolaus lowered their target price on Abeona Therapeutics from $21.00 to $20.00 and set a "buy" rating on the stock in a research note on Friday, May 16th. One research analyst has rated the stock with a sell rating and five have issued a buy rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $19.25.

Abeona Therapeutics Price Performance

The stock has a market capitalization of $299.80 million, a PE ratio of -4.61 and a beta of 1.55. The company has a debt-to-equity ratio of 0.27, a current ratio of 4.90 and a quick ratio of 4.90. The stock's fifty day moving average is $5.91 and its 200-day moving average is $5.57.

Abeona Therapeutics (NASDAQ:ABEO - Get Free Report) last posted its earnings results on Thursday, May 15th. The biopharmaceutical company reported ($0.24) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.35) by $0.11. As a group, equities analysts predict that Abeona Therapeutics Inc. will post -1.16 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Abeona Therapeutics news, SVP Brendan M. O'malley sold 10,470 shares of the company's stock in a transaction on Friday, June 6th. The shares were sold at an average price of $6.76, for a total transaction of $70,777.20. Following the completion of the transaction, the senior vice president now directly owns 378,245 shares in the company, valued at approximately $2,556,936.20. This represents a 2.69% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Vishwas Seshadri sold 25,000 shares of the stock in a transaction on Monday, March 31st. The shares were sold at an average price of $4.78, for a total transaction of $119,500.00. Following the transaction, the chief executive officer now directly owns 1,355,322 shares in the company, valued at approximately $6,478,439.16. The trade was a 1.81% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 113,941 shares of company stock worth $711,341. 5.40% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the stock. Adage Capital Partners GP L.L.C. lifted its holdings in Abeona Therapeutics by 20.1% in the 4th quarter. Adage Capital Partners GP L.L.C. now owns 3,902,360 shares of the biopharmaceutical company's stock valued at $21,736,000 after purchasing an additional 652,366 shares in the last quarter. Western Standard LLC lifted its stake in shares of Abeona Therapeutics by 22.8% in the fourth quarter. Western Standard LLC now owns 2,084,418 shares of the biopharmaceutical company's stock worth $11,610,000 after buying an additional 386,321 shares in the last quarter. 683 Capital Management LLC boosted its position in Abeona Therapeutics by 17.3% during the fourth quarter. 683 Capital Management LLC now owns 791,845 shares of the biopharmaceutical company's stock worth $4,411,000 after acquiring an additional 116,845 shares during the last quarter. Newtyn Management LLC grew its stake in Abeona Therapeutics by 26.3% during the 1st quarter. Newtyn Management LLC now owns 480,000 shares of the biopharmaceutical company's stock valued at $2,285,000 after acquiring an additional 100,000 shares in the last quarter. Finally, Bank of America Corp DE raised its holdings in Abeona Therapeutics by 16.7% in the 4th quarter. Bank of America Corp DE now owns 264,439 shares of the biopharmaceutical company's stock valued at $1,473,000 after acquiring an additional 37,774 shares during the last quarter. Institutional investors and hedge funds own 80.56% of the company's stock.

Abeona Therapeutics Company Profile

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.