Analyst: This Gene Therapy Stock Could Soar 90%

Seaport Global started coverage of ABEO stock with a 'buy' rating and $29 price target

Jun 5, 2018 at 1:39 PM

ABEO

The shares of gene therapy concern Abeona Therapeutics Inc (NASDAQ:ABEO) are set for their best day in nearly two months, up 15.5% to trade at $17.92, thanks to a bullish analyst note. Specifically, Seaport Global started coverage of ABEO stock with a "buy" endorsement and $29 price target -- representing 90% upside to the security's closing price of $15.25 on Monday. Further, the analyst said Abeona is "positioned for success in multiple therapeutic areas," and said the shares are "cheap" compared to sector peers.

ABEO stock is now set to close back above its 200-day moving average, after breaching this trendline yesterday. From a longer-term perspective, the stock has spent most of the past year dancing atop support in the $14-$15 area -- double the equity's August 2017 lows -- with rally attempts stalling in the $20-$21 neighborhood (triple the aforementioned lows). The last time Abeona shares traded at $29 -- Seaport Global's price target -- was March 2014.

abeo stock chart june 5

However, today's upbeat analyst attention is nothing new for the healthcare concern. All seven analysts following ABEO deem it worthy of a "buy" or better rating, and the average 12-month price target sits at $29.31.

Nevertheless, a mass exodus of short sellers could add fuel to the equity's fire. Short interest on Abeona Therapeutics represents a whopping 41.7% of the stock's total available float. At ABEO's average pace of trading, it would take about 18 sessions to buy back these bearish bets -- ample fuel for a short squeeze.

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