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Fly News Breaks for December 20, 2019
ABEO
Dec 20, 2019 | 07:28 EDT
Cantor Fitzgerald analyst Kristen Kluska believes Abeona Therapeutics' plans to sell common shares will lessen the takeover chatter in the name for the time being. The analyst expects the shares to be down on last night's financing news, as she thinks investors will assume that an acquisition is less likely to happen at this time. Kluska is bullish on gene therapy, but given the "significant late-stage competition" for Abeona's lead programs, her thesis is that a partnership from the earlier-stage pipeline is more likely to happen. With that said, the analyst does not believe a proposed offering necessarily means a takeover is off the table. She views the financing as instrumental for Abeona and keeps a Neutral rating on the shares with a $4 price target.