Abeona Therapeutics (NASDAQ:ABEO) Issues Earnings Results, Beats Expectations By $0.17 EPS

Abeona Therapeutics (NASDAQ:ABEO) released its quarterly earnings results on Wednesday. The biopharmaceutical company reported ($0.10) earnings per share for the quarter, beating the consensus estimate of ($0.27) by $0.17, FiscalAI reports.

Abeona Therapeutics Stock Down 2.3%

Shares of ABEO traded down $0.11 during trading hours on Friday, hitting $4.43. The company had a trading volume of 1,880,121 shares, compared to its average volume of 1,151,842. The stock has a market capitalization of $226.91 million, a price-to-earnings ratio of 6.31 and a beta of 1.45. The firm has a fifty day moving average price of $5.39 and a 200-day moving average price of $5.98. Abeona Therapeutics has a 52-week low of $3.93 and a 52-week high of $7.54. The company has a debt-to-equity ratio of 0.09, a quick ratio of 6.65 and a current ratio of 6.73.

Insiders Place Their Bets

In other news, SVP Brendan M. O’malley sold 9,366 shares of the company’s stock in a transaction that occurred on Monday, September 29th. The shares were sold at an average price of $5.39, for a total value of $50,482.74. Following the transaction, the senior vice president owned 350,763 shares in the company, valued at approximately $1,890,612.57. This represents a 2.60% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Vishwas Seshadri sold 25,000 shares of the firm’s stock in a transaction that occurred on Tuesday, September 30th. The shares were sold at an average price of $5.24, for a total transaction of $131,000.00. Following the sale, the chief executive officer directly owned 1,190,067 shares of the company’s stock, valued at $6,235,951.08. This trade represents a 2.06% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders sold 63,612 shares of company stock valued at $339,171. Insiders own 5.40% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in ABEO. Geode Capital Management LLC raised its position in shares of Abeona Therapeutics by 129.1% during the second quarter. Geode Capital Management LLC now owns 1,105,862 shares of the biopharmaceutical company’s stock valued at $6,282,000 after buying an additional 623,243 shares during the last quarter. Cable Car Capital LP purchased a new position in shares of Abeona Therapeutics during the third quarter valued at about $3,168,000. JPMorgan Chase & Co. increased its holdings in shares of Abeona Therapeutics by 255.6% in the second quarter. JPMorgan Chase & Co. now owns 831,132 shares of the biopharmaceutical company’s stock worth $4,721,000 after purchasing an additional 597,373 shares during the last quarter. Adage Capital Partners GP L.L.C. boosted its stake in Abeona Therapeutics by 14.2% during the second quarter. Adage Capital Partners GP L.L.C. now owns 3,072,985 shares of the biopharmaceutical company’s stock valued at $17,455,000 after buying an additional 381,357 shares during the last quarter. Finally, Kennedy Capital Management LLC grew its holdings in Abeona Therapeutics by 56.4% during the 3rd quarter. Kennedy Capital Management LLC now owns 1,050,863 shares of the biopharmaceutical company’s stock valued at $5,549,000 after buying an additional 378,860 shares in the last quarter. 80.56% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research firms have recently commented on ABEO. HC Wainwright reaffirmed a “buy” rating and issued a $20.00 target price on shares of Abeona Therapeutics in a research report on Monday, October 13th. Weiss Ratings downgraded shares of Abeona Therapeutics from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Friday, October 24th. Finally, Oppenheimer lifted their price objective on Abeona Therapeutics from $19.00 to $20.00 and gave the company an “outperform” rating in a research report on Friday, August 15th. Four research analysts have rated the stock with 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 an average target price of $20.00.

About Abeona Therapeutics

Abeona Therapeutics Inc, a clinical-stage biopharmaceutical company, focuses on developing and delivering gene therapy products for severe and life-threatening rare diseases. The company's lead programs are EB-101 (gene-corrected skin grafts) for recessive dystrophic epidermolysis bullosa (RDEB); ABO-102, which are AAV based gene therapies for Sanfilippo syndrome type A; and ABO-101, an adeno-associated virus (AAV) based gene therapies for Sanfilippo syndrome type B.