Abeona Therapeutics (NASDAQ:ABEO) Raised to “Strong-Buy” at Roth Capital

Abeona Therapeutics (NASDAQ:ABEO) was upgraded by equities research analysts at Roth Capital to a “strong-buy” rating in a research note issued to investors on Thursday, Zacks reports.

A number of other analysts have also issued reports on the stock. Wall Street Zen raised shares of Abeona Therapeutics from a “strong sell” rating to a “sell” rating in a research note on Saturday, August 1st. Weiss Ratings lowered shares of Abeona Therapeutics from a “sell (d+)” rating to a “sell (d)” rating in a report on Monday, August 17th. Oppenheimer reissued an “outperform” rating and issued a $21.00 price objective (down from $22.00) on shares of Abeona Therapeutics in a research report on Friday, August 14th. Finally, HC Wainwright restated a “buy” rating and issued a $20.00 target price on shares of Abeona Therapeutics in a research note on Thursday, May 28th. One research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $18.75.

Abeona Therapeutics Stock Up 4.1%

ABEO opened at $5.59 on Thursday. The firm has a 50-day simple moving average of $6.30 and a two-hundred day simple moving average of $5.70. Abeona Therapeutics has a 52 week low of $4.00 and a 52 week high of $7.65. The company has a market capitalization of $319.64 million, a PE ratio of -5.13 and a beta of 1.33. The company has a quick ratio of 6.40, a current ratio of 6.63 and a debt-to-equity ratio of 0.01.

Abeona Therapeutics (NASDAQ:ABEO) last issued its quarterly earnings data on Thursday, August 13th. The biopharmaceutical company reported ($0.35) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.23) by ($0.12). The firm had revenue of $11.38 million during the quarter, compared to analysts’ expectations of $12.24 million. Analysts forecast that Abeona Therapeutics will post -0.93 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, CFO Joseph Vazzano sold 24,880 shares of the firm’s stock in a transaction on Thursday, July 9th. The stock was sold at an average price of $6.96, for a total transaction of $173,164.80. Following the transaction, the chief financial officer owned 493,557 shares in the company, valued at approximately $3,435,156.72. This trade represents a 4.80% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Mark Alvino sold 15,000 shares of Abeona Therapeutics stock in a transaction dated Tuesday, September 1st. The shares were sold at an average price of $5.86, for a total value of $87,900.00. Following the completion of the sale, the director owned 62,065 shares of the company’s stock, valued at $363,700.90. The trade was a 19.46% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last ninety days, insiders sold 144,985 shares of company stock worth $980,520. 7.10% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. AWM Investment Company Inc. bought a new stake in Abeona Therapeutics during the second quarter valued at about $9,184,000. AIGH Capital Management LLC grew its stake in Abeona Therapeutics by 55.0% in the first quarter. AIGH Capital Management LLC now owns 3,100,000 shares of the biopharmaceutical company’s stock valued at $13,888,000 after purchasing an additional 1,100,000 shares during the last quarter. Bank of New York Mellon Corp bought a new position in Abeona Therapeutics in the second quarter worth about $1,262,000. Sei Investments Co. raised its holdings in Abeona Therapeutics by 142.4% in the first quarter. Sei Investments Co. now owns 172,460 shares of the biopharmaceutical company’s stock worth $773,000 after purchasing an additional 101,307 shares in the last quarter. Finally, Corient Private Wealth LP bought a new position in Abeona Therapeutics in the second quarter worth about $556,000. 80.56% of the stock is currently owned by institutional investors.

Abeona Therapeutics Company Profile

Abeona Therapeutics Inc is a biopharmaceutical company focused on developing and commercializing cell and gene therapies for patients with serious and life-threatening genetic diseases. The company’s programs are designed to address conditions for which existing treatment options are limited or inadequate.

Abeona’s lead product, ZEVASKYN (prademagene zamikeracel, formerly EB-101), is an autologous gene-corrected cell therapy for recessive dystrophic epidermolysis bullosa, a rare inherited disorder that causes fragile skin and chronic wounds.