Remember when Jeremy Lin came off the Knicks bench in 2012 and torched the NBA for a few magical weeks? One day he’s sleeping on his brother’s couch, the next he’s dropping 38 on Kobe and turning Madison Square Garden into a Broadway show (Linsanity was crazy). No one saw it coming… unless you were his mom of course.

That’s Abeona Therapeutics this week. Practically an unknown just days ago, and now… boom… front-page biotech favorite, thanks to an FDA approval that caught the market flat-footed.

Earlier this week, Abeona got the green light for Zevaskyn (tough name), the first and only gene-modified skin graft approved to treat wounds in patients with recessive dystrophic epidermolysis bullosa (RDEB for short). This is a rare, inherited skin disorder so severe that simple friction causes blistering, tearing, and long-term wounds. Zevaskyn offers real hope to both adult and pediatric patients… and it’s got the “first and only” badge, which is pretty much biotech bitcoin. Even better, the wholesale acquisition cost comes in hot at $3.1 million per treatment, blowing past initial estimates of $2.25 million.

Naturally, Wall Street analysts reacted like Knicks fans at the height of Linsanity: they were stunned for a moment and then immediately started adjusting their projections. Shares jumped 25% on the news and even Stifel raised its price target from $14 to $21 and reiterated a Buy rating. Other targets now range from $9.50 to $25, while the stock is still chilling around $6. That kind of spread screams one thing: expectations are moving fast.

There’s definitely substance behind the surge. Abeona has more cash than debt, a newly FDA-blessed product with no direct competition, and a break-even point that could be hit by treating just three patients per month. Management’s post-approval plan includes outcomes-based deals with insurers and a gradual scale-up to treat 10 to 14 patients by year-end. If they get there, that’s potentially over $40 million in revenue from just the initial rollout.

Stifel’s bullishness is far more than just the recent FDA win… it’s about the path forward. They’re now baking in a higher U.S. price, adjusting ex-U.S. discounts, and maintaining treatment volume estimates through 2027. Oh, and there’s the not-so-small fact that Abeona just posted a surprise EPS beat last quarter… $0.50 versus a projected loss of $0.35… despite having no recorded revenue.

The next big moment is May 8th, when Abeona reports earnings and investors get their first look at how this company plans to turn a regulatory win into commercial traction. The pressure’s on, but so is the momentum. With institutional ownership still modest and only about 2.7 million shares shorted, this stock could have room to run if results impress.

Stocks.News has positions in Abeona Therapeutics.