Abeona Therapeutics (NASDAQ:ABEO) CEO Vishwas Seshadri Sells 67,971 Shares of Stock

Key Points

• CEO Vishwas Seshadri sold 67,971 Abeona Therapeutics shares on July 9 at an average price of $6.96, totaling about $473,078. The sale reduced his ownership by 4.95% and was made to cover tax withholding tied to equity award vesting.
• ABEO stock rose 4.7% to $7.12 during Thursday trading, with volume well above average. The company now has a market cap of about $405.8 million and shares are trading near their 52-week high of $7.54.
• Abeona beat first-quarter expectations, reporting a loss of $0.30 per share versus the expected $0.33 loss and revenue of $8.72 million, well above estimates. Analysts currently rate the stock a Moderate Buy with a consensus price target of $19.00.

Abeona Therapeutics Inc. (NASDAQ:ABEO - Get Free Report) CEO Vishwas Seshadri sold 67,971 shares of the firm's stock in a transaction dated Thursday, July 9th. The shares were sold at an average price of $6.96, for a total value of $473,078.16. Following the completion of the sale, the chief executive officer owned 1,306,108 shares of the company's stock, valued at approximately $9,090,511.68. This represents a 4.95% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Vishwas Seshadri also recently made the following trade(s):

• On Tuesday, June 9th, Vishwas Seshadri sold 31,916 shares of Abeona Therapeutics stock. The shares were sold at an average price of $5.30, for a total value of $169,154.80.
• On Monday, June 8th, Vishwas Seshadri sold 24,428 shares of Abeona Therapeutics stock. The shares were sold at an average price of $5.43, for a total value of $132,644.04.

Abeona Therapeutics Stock Up 4.7%

ABEO stock traded up $0.32 during midday trading on Thursday, reaching $7.12. 2,608,182 shares of the company's stock traded hands, compared to its average volume of 1,352,993. The company has a market cap of $405.77 million, a price-to-earnings ratio of 7.34 and a beta of 1.34. The firm's fifty day moving average price is $5.75 and its 200-day moving average price is $5.31. The company has a quick ratio of 5.70, a current ratio of 5.89 and a debt-to-equity ratio of 0.03. Abeona Therapeutics Inc. has a 52 week low of $4.00 and a 52 week high of $7.54.

Abeona Therapeutics (NASDAQ:ABEO - Get Free Report) last issued its quarterly earnings data on Wednesday, May 13th. The biopharmaceutical company reported ($0.30) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.33) by $0.03. The business had revenue of $8.72 million for the quarter, compared to analyst estimates of $4.57 million. As a group, sell-side analysts forecast that Abeona Therapeutics Inc. will post -0.79 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on ABEO shares. HC Wainwright reiterated a "buy" rating and issued a $20.00 target price on shares of Abeona Therapeutics in a research note on Thursday, May 28th. Wall Street Zen upgraded shares of Abeona Therapeutics from a "strong sell" rating to a "sell" rating in a research note on Monday, June 1st. Weiss Ratings raised Abeona Therapeutics from a "sell (d+)" rating to a "hold (c-)" rating in a report on Monday, June 29th. Finally, Stifel Nicolaus set a $17.00 price objective on Abeona Therapeutics in a research note on Tuesday, March 17th. Two investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $19.00.

Hedge Funds Weigh In On Abeona Therapeutics

Several institutional investors have recently bought and sold shares of the company. Goldman Sachs Group Inc. increased its position in Abeona Therapeutics by 49.6% in the first quarter. Goldman Sachs Group Inc. now owns 200,450 shares of the biopharmaceutical company's stock worth $954,000 after buying an additional 66,422 shares during the last quarter. Geode Capital Management LLC grew its stake in shares of Abeona Therapeutics by 129.1% during the 2nd quarter. Geode Capital Management LLC now owns 1,105,862 shares of the biopharmaceutical company's stock worth $6,282,000 after acquiring an additional 623,243 shares during the period. Creative Planning increased its holdings in Abeona Therapeutics by 43.0% in the 2nd quarter. Creative Planning now owns 14,310 shares of the biopharmaceutical company's stock worth $81,000 after acquiring an additional 4,305 shares during the last quarter. JPMorgan Chase & Co. raised its stake in Abeona Therapeutics by 255.6% in the 2nd quarter. JPMorgan Chase & Co. now owns 831,132 shares of the biopharmaceutical company's stock valued at $4,721,000 after acquiring an additional 597,373 shares during the period. Finally, Legal & General Group Plc bought a new stake in Abeona Therapeutics in the 2nd quarter valued at about $27,000. Hedge funds and other institutional investors own 80.56% of the company's stock.

Abeona Therapeutics Company Profile

Abeona Therapeutics is a clinical‐stage biopharmaceutical company focused on the development and commercialization of gene and cell therapies for severe, life‐threatening rare diseases and oncology indications. Founded in 2014 and headquartered in Cleveland, Ohio, Abeona leverages proprietary viral and non‐viral delivery platforms to correct or compensate for underlying genetic deficiencies. The company's research efforts target pediatric neurodegenerative disorders as well as debilitating dermatologic conditions with high unmet medical need.

The company's lead clinical programs include separate AAV‐based gene therapies for CLN1 and CLN3 forms of neuronal ceroid lipofuscinosis, alongside an ex vivo autologous cell therapy for recessive dystrophic epidermolysis bullosa.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.