Abeona Therapeutics Inc (NASDAQ: ABEO)
Abeona Therapeutics is a stock that has many divided. However, today, I’d be willing to bet that many of the bears are starting to turn into bulls. That’s because the company made a key announcement with incredibly positive news today. Below, we’ll talk about what we learned in the announcement, how the stock reacted to the news, and what we can expect to see from ABEO ahead. So, let’s get right to it.
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ABEO Announces Fast Track Designation
Early this morning, Abeona Therapeutics investors cheered as the company announced that it has received Fast Track Designation from the FDA regarding a key clinical phase treatment. The treatment is known as ABO-102. It is a signal intravenous injection of AAV gene therapy designed to treat patients with Sanfillippo syndrome type A (MPS IIIA. The ongoing success of the current trial is creating hope for patients and families of patients with a rare autosomal recessive disease that affects every organ in the body. In a statement, Timothy J. Miller, Ph.D., President and CEO at ABEO had the following to offer with regard to the news…
“Fast Track designation underscores the importance that the FDA places on developing new treatments for life-threatening disorders, such as MPS IIIA, and reinforces our mandate of accelerating the development of ABO-102 to market… We look forward to providing additional updates for our ongoing Phase ½ clinical trial…”
What We’re Seeing From The Stock
Early on in the day, the reaction was overwhelmingly positive. The stock spiked up quite a bit. However, it seems like excitement faded early on as well. In fact, ABEO is actually trading in the red at the moment. Currently (10:59), the stock is trading at $8.10 per share after a loss of $0.10 per share or 1.22% thus far today.
What We Can Expect To See Moving Forward
Moving forward, I have an overwhelmingly bullish opinion of what we can expect to see from Abeona Therapeutics. The company is doing incredible work with ABO-102, and I believe that this will lead to incredible long run gains.
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