Mizuho Securities Thinks Abeona Therapeutics’ Stock is Going to Recover

Mizuho Securities analyst Difei Yang maintained a Buy rating on Abeona Therapeutics (ABEOResearch Report) today and set a price target of $17. The company’s shares opened today at $7.85, close to its 52-week low of $6.26.

Yang commented:

“We believe the Fast Track designation is incrementally positive as it could facilitate interactions with the FDA and potentially allow for a faster path to market for ABO-101, assuming positive clinical data. So far, two patients have been enrolled in this program. Abeona is currently enrolling patients in the U.S. and Spain and is also activating additional sites globally this year. The Fast Track designation allows companies to 1) benefit from frequent FDA interactions during the development process, and 2) potentially gain priority review and accelerated approval if specific criteria are met. We continue to believe that the most important catalyst for Abeona is the initiation of the EB-101 Phase III pivotal (VITAL) trial in mid-2019 for the treatment of recessive dystrophic epidermolysis bullosa (REDB). This is Abeona’s most advanced gene therapy program.”

According to TipRanks.com, Yang is a 5-star analyst with an average return of 16.7% and a 48.3% success rate. Yang covers the Healthcare sector, focusing on stocks such as Nightstar Therapeutics Limited, Xeris Pharmaceuticals Inc, and Alder Biopharmaceuticals.

Currently, the analyst consensus on Abeona Therapeutics is a Strong Buy with an average price target of $25, a 218.5% upside from current levels. In a report issued on March 20, H.C. Wainwright also reiterated a Buy rating on the stock with a $30 price target.

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The company has a one-year high of $22 and a one-year low of $6.26. Currently, Abeona Therapeutics has an average volume of 378.6K.

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Abeona Therapeutics, Inc. is a clinical stage biopharmaceutical company, which engages in the development of gene therapy for severe and life threatening rare diseases. It programs include EB-101 (gene-corrected skin grafts) for recessive dystrophic epidermolysis bullosa (RDEB); ABO-102 (AAV-SGSH), an adeno-associated virus (AAV) based gene therapy for Sanfilippo syndrome type A (MPS IIIA) and ABO-101 (AAV NAGLU), an AAV based gene therapy for Sanfilippo syndrome type B (MPS IIIB). The company was founded in 1974 and is headquartered in New York, NY.