Here's Why Abeona Therapeutics Inc. Stock Spiked Today
Shares of Abeona Therapeutics Inc. (NASDAQ: ABEO), a clinical-stage biotech developing novel gene therapies to treat rare genetic disorders, popped as much as 14% higher on Wednesday morning after an important announcement concerning a candidate that succeeded in an early-stage trial earlier this month. Although the initiation of a pivotal expansion to the study is indeed good news, that pop had fizzled to a gain of 3.3% as of 12:03 p.m. EDT.
Abeona Therapeutics is developing ABO-102 as a potential gene therapy for the treatment of MPS IIIA, a rare metabolic disease caused by a faulty SGSH gene. There are no available treatments for the life-threatening disorder, but results of a small, early stage clinical trial announced earlier this month suggest Abeona could have the first.
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Source: Fool.com