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

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

Abeona Therapeutics Stock Up 22.9%

Shares of ABEO traded up $0.96 during mid-day trading on Wednesday, reaching $5.13. The company had a trading volume of 7,742,198 shares, compared to its average volume of 1,109,662. The company has a debt-to-equity ratio of 0.09, a quick ratio of 6.65 and a current ratio of 6.73. The company has a market capitalization of $262.80 million, a price-to-earnings ratio of 7.31 and a beta of 1.45. The firm has a 50-day moving average price of $5.47 and a 200 day moving average price of $6.00. Abeona Therapeutics has a 52 week low of $3.93 and a 52 week high of $7.54.

Analyst Ratings Changes

Several research firms have weighed in on ABEO. 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. HC Wainwright restated a “buy” rating and issued a $20.00 target price on shares of Abeona Therapeutics in a research note on Monday, October 13th. Finally, Weiss Ratings cut Abeona Therapeutics from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Friday, October 24th. Four investment analysts have rated the stock with a Buy rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $20.00.

Insider Buying and Selling at Abeona Therapeutics

In other news, CEO Vishwas Seshadri sold 25,000 shares of the firm’s stock in a transaction on Tuesday, September 30th. The stock was sold at an average price of $5.24, for a total transaction of $131,000.00. Following the completion of the transaction, the chief executive officer directly owned 1,190,067 shares in the company, valued at $6,235,951.08. This trade represents a 2.06% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Joseph Walter Vazzano sold 9,035 shares of Abeona Therapeutics stock in a transaction dated Monday, September 29th. The stock was sold at an average price of $5.39, for a total value of $48,698.65. Following the completion of the transaction, the chief financial officer directly owned 453,631 shares of the company’s stock, valued at approximately $2,445,071.09. This represents a 1.95% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders sold 63,612 shares of company stock worth $339,171. 5.40% of the stock is owned by insiders.

Institutional Trading of Abeona Therapeutics

A number of institutional investors and hedge funds have recently bought and sold shares of the company. Geode Capital Management LLC lifted its stake in shares of Abeona Therapeutics by 129.1% in the second quarter. Geode Capital Management LLC now owns 1,105,862 shares of the biopharmaceutical company’s stock worth $6,282,000 after buying an additional 623,243 shares in the last quarter. JPMorgan Chase & Co. boosted its stake in Abeona Therapeutics by 255.6% during the 2nd quarter. JPMorgan Chase & Co. now owns 831,132 shares of the biopharmaceutical company’s stock valued at $4,721,000 after purchasing an additional 597,373 shares during the last quarter. Adage Capital Partners GP L.L.C. raised its stake in shares of Abeona Therapeutics by 14.2% in the second quarter. Adage Capital Partners GP L.L.C. now owns 3,072,985 shares of the biopharmaceutical company’s stock worth $17,455,000 after purchasing an additional 381,357 shares during the last quarter. Bank of America Corp DE lifted its holdings in shares of Abeona Therapeutics by 154.9% during the second quarter. Bank of America Corp DE now owns 329,884 shares of the biopharmaceutical company’s stock valued at $1,874,000 after purchasing an additional 200,469 shares in the last quarter. Finally, BNP Paribas Financial Markets purchased a new stake in shares of Abeona Therapeutics during the second quarter valued at $749,000. 80.56% of the stock is currently owned by institutional investors.

Abeona Therapeutics Company Profile

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.