Benzinga | Sep 18, 2020 11:09AM EDT

Why Abeona Therapeutics Is Trading Higher Today

Abeona Therapeutics (NASDAQ:ABEO) shares are trading higher on Friday after B. Riley FBR initiated coverage on the stock with a Buy rating and announced a price target of $5 per share.

Abeona Therapeutics is a clinical-stage biopharmaceutical company. The firm is focused on developing gene therapies and plasma-based products for life-threatening rare genetic diseases. The gene therapy involves the use of DNA as a potential therapy to treat a disease.

The company's initial programs are focused on lysosomal storage diseases such as Mucopolysaccharidosis (MPS) IIIA and IIIB. It is also developing ABO-202 and ABO-201, which are AAV-based gene therapies for the CLN1 and CLN3 forms of Batten Disease, respectively, ABO-401 for the treatment of cystic fibrosis, and ABO-50X for the treatment of retinal diseases.

Abeona Therapeutics shares were up 14.80% at $2.25 at the time of publication on Friday. The stock has a 52-week high of $5.19 and a 52-week low of $1.35.