Abeona Therapeutics (NASDAQ:ABEO) Posts Quarterly Earnings Results, Beats Estimates By $2.10 EPS

Key Points

• Abeona Therapeutics reported quarterly earnings of $1.71 EPS, exceeding analysts' expectations by $2.10, but its revenue of $0.40 million fell significantly short of the $21.71 million estimate.
• The company's stock increased by 0.5% to $7.27 following the earnings report, with a market capitalization of approximately $371.83 million.
• Recent trades showed significant insider selling, with the senior vice president and a director reducing their holdings by 4.61% and 7.17%, respectively.

Abeona Therapeutics (NASDAQ:ABEO - Get Free Report) announced its earnings results on Thursday. The biopharmaceutical company reported $1.71 earnings per share for the quarter, beating the consensus estimate of ($0.39) by $2.10, Zacks reports. The firm had revenue of $0.40 million during the quarter, compared to analysts' expectations of $21.71 million.

Abeona Therapeutics Stock Down 0.4%

ABEO traded down $0.03 during trading on Tuesday, hitting $6.89. The stock had a trading volume of 53,857 shares, compared to its average volume of 1,022,221. The stock has a 50 day simple moving average of $6.24 and a two-hundred day simple moving average of $5.76. The company has a debt-to-equity ratio of 0.27, a quick ratio of 4.90 and a current ratio of 4.90. Abeona Therapeutics has a twelve month low of $3.93 and a twelve month high of $7.54. The company has a market capitalization of $352.22 million, a PE ratio of 9.86 and a beta of 1.55.

Analyst Ratings Changes

Several equities analysts recently commented on the stock. Stifel Nicolaus cut their price target on shares of Abeona Therapeutics from $21.00 to $20.00 and set a "buy" rating on the stock in a report on Friday, May 16th. Alliance Global Partners reissued a "buy" rating on shares of Abeona Therapeutics in a research note on Thursday, May 15th. HC Wainwright reaffirmed a "buy" rating and issued a $20.00 price objective on shares of Abeona Therapeutics in a research report on Monday. Oppenheimer raised their price target on shares of Abeona Therapeutics from $19.00 to $20.00 and gave the stock an "outperform" rating in a research note on Friday. Finally, Wall Street Zen lowered Abeona Therapeutics from a "hold" rating to a "sell" rating in a report on Thursday, May 15th. One analyst has rated the stock with a sell rating and five have given a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $19.50.

Insider Buying and Selling at Abeona Therapeutics

In related news, Director Mark Alvino sold 13,093 shares of the company's stock in a transaction on Wednesday, July 9th. The stock was sold at an average price of $5.86, for a total value of $76,724.98. Following the transaction, the director directly owned 77,252 shares of the company's stock, valued at $452,696.72. This represents a 14.49% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Vishwas Seshadri sold 69,420 shares of Abeona Therapeutics stock in a transaction that occurred on Wednesday, July 9th. The shares were sold at an average price of $5.86, for a total transaction of $406,801.20. Following the sale, the chief executive officer owned 1,234,341 shares of the company's stock, valued at approximately $7,233,238.26. The trade was a 5.32% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 231,626 shares of company stock valued at $1,430,587. Insiders own 6.90% of the company's stock.

Institutional Investors Weigh In On Abeona Therapeutics

Institutional investors have recently added to or reduced their stakes in the stock. Legal & General Group Plc purchased a new stake in Abeona Therapeutics in the 2nd quarter valued at about $27,000. Man Group plc acquired a new position in Abeona Therapeutics during the 2nd quarter worth approximately $67,000. Creative Planning boosted its position in shares of Abeona Therapeutics by 43.0% during 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 in the last quarter. The Manufacturers Life Insurance Company purchased a new position in Abeona Therapeutics in the second quarter valued at approximately $96,000. Finally, New York State Common Retirement Fund acquired a new stake in Abeona Therapeutics during the 2nd quarter worth $97,000. Institutional investors and hedge funds own 80.56% of the company's stock.

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.