Here’s Why Abeona Therapeutics Inc. (ABEO) is up Big Today

The biggest gainers of the session on the Wall Street include Abeona Therapeutics Inc. (NASDAQ:ABEO), which rose 0.31 points or 4.26% to trade at $7.59 as last check. The stock closed last session at $7.28 and sets an active trading volume day with a reported 201723 contracts so far this session. ABEO shares had a relatively better volume day versus average trading capacity of 395.21 thousand shares, but with a 33.39 million float and a -7.5% run over a week, it’s definitely worth keeping an eye on. The one year price forecast for ABEO stock indicates that the average analyst price target is $23.63 per share. This means the stock has a potential increase of 211.33% from where the ABEO share price has been trading recently which is between $7.07 and $7.51. There are some brokerage firms that offer lower targets than the average, with one of them, even setting their price target at $17.

The shorts are running away from Abeona Therapeutics Inc. (ABEO) stock. The latest set of short interest data was released on 30 April 2019, and the numbers show a drop in short interest in ABEO shares. While short interest still represents only 23.15% of ABEO’s float, the number of shares shorted have fallen by -20276. The number of shares shorted fell to 7709427 shares, down from 7729703 shares during the preceding fortnight. With average daily trading volumes at 434989 shares, days to cover decreased to about 24.62763 days. The most recent news story about the stock that appeared in Yahoo Finance‘s news section was titled “Edited Transcript of ABEO earnings conference call or presentation 14-May-19 2:00pm GMT” and dated May 15, 2019.

During the recent trading session for Abeona Therapeutics Inc. (NASDAQ:ABEO), the company witnessed their stock drop by $-0.31 over a week and tumble down $-0.72 from the price 20 days ago. When compared to their established 52-week high of $21.45, the high they recorded in their recent session happens to be lower. Their established 52-week high was attained by the company on 05/18/18. The recent low of $6.26 stood for a -64.61% since 12/24/18, a data which is good for most investors who are looking to take advantage of the stock’s recent rise. A beta of 1.9 is also allocated to the stock. Since the beta is greater than one, it implies that the stock is more volatile than the market, a data that traders are keeping close attention to.

Looking at the current readings for Abeona Therapeutics Inc., the two-week RSI stands at 46.49. This figure suggests that ABEO stock, for now, is neutral, meaning that the shares are stable in terms of price movement. The stochastic readings, on the other hand, based on the current ABEO readings is similarly very revealing as it has a stochastic reading of 22.62% at this stage. This figure means that ABEO share price today is being overbought.

Technical chart claims that Abeona Therapeutics Inc. (ABEO) would settle between $7.5/share to $7.73/share level. However, if the stock price goes below the $7.06 mark, then the market for Abeona Therapeutics Inc. becomes much weaker. If that happens, the stock price might even plunge as low as $6.85 for its downside target. The stock is currently in the red zone of MACD, with the indicator reading -0.24. Traders are always alerted for the move of a stock above or below the zero line due to the fact that the reading is an indicator of the position of the short-term average relative to the long-term average. If the MACD is above the zero line, then the short-term average relative is above that of the long-term average, thus implying an upward momentum. Vice versa is the case if the MACD is below the zero line.

Analysts at Mizuho, assumed coverage of ABEO assigning Buy rating, according to their opinion released on October 12. Seaport Global Securities, analysts launched coverage of Abeona Therapeutics Inc. (NASDAQ:ABEO) stock with a Buy recommendation, according to their flash note issued to investors on June 05. Analysts at SunTrust, made their first call for the equity with a Buy recommendation, according to a research note that dated back to November 08.

ABEO equity has an average rating of 1.89, with the figure leaning towards a bullish end. 9 analysts who tracked the company were contacted by Reuters. Amongst them, 1 rated the stock as a hold while the remaining 8 were split even though not equally. Some analysts rate the stock as a buy or a strong buy while no rated it as a sell. 8 analysts rated Abeona Therapeutics Inc. (NASDAQ:ABEO) as a buy or a strong buy while not a single analyst advised that investors should desist from purchasing the stock or sell them if they already own the company’s stock.

Moving on, ABEO stock price is currently trading at 0X forward 12-month Consensus EPS estimates, and its P/S ratio is 145.07 while for the average stock in the same group, the multiple is 42.51.

Abeona Therapeutics Inc. (ABEO)’s current-quarter revenues are projected to climb by nearly 10.49% to hit $0.91 million, based on current Zacks Consensus Estimate. The firm’s full-year revenues are expected to expand by over -25.35% from $5.63 million to a noteworthy $4.2 million. At the other end of the current quarter income statement, Abeona Therapeutics Inc. is expected to see its adjusted earnings surge by roughly -36% to hit $-0.34 per share. For the fiscal year, ABEO’s earnings are projected to climb by roughly -23.53% to hit $-1.47 per share.