Abeona Therapeutics (NASDAQ:ABEO) Posts Quarterly Earnings Results

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) released its quarterly earnings data on Thursday. The biopharmaceutical company reported $1.71 EPS for the quarter, topping the consensus estimate of ($0.39) by $2.10, Zacks reports. The business had revenue of $0.40 million during the quarter, compared to the consensus estimate of $21.71 million.

Abeona Therapeutics Price Performance

ABEO traded up $0.16 on Wednesday, hitting $7.00. 1,019,168 shares of the company's stock traded hands, compared to its average volume of 1,027,478. The company's 50 day simple moving average is $6.25 and its 200-day simple moving average is $5.76. The firm has a market cap of $358.96 million, a price-to-earnings ratio of 10.00 and a beta of 1.55. Abeona Therapeutics has a one year low of $3.93 and a one year high of $7.54. The company has a current ratio of 6.73, a quick ratio of 4.90 and a debt-to-equity ratio of 0.09.

Insider Buying and Selling at Abeona Therapeutics

In other news, CFO Joseph Walter Vazzano sold 25,411 shares of the company's stock in a transaction that occurred on Wednesday, July 9th. The stock was sold at an average price of $5.86, for a total transaction of $148,908.46. Following the sale, the chief financial officer directly owned 479,168 shares of the company's stock, valued at $2,807,924.48. This represents a 5.04% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Vishwas Seshadri sold 69,420 shares of the business's stock in a transaction that occurred on Wednesday, July 9th. The shares were sold at an average price of $5.86, for a total value of $406,801.20. Following the transaction, the chief executive officer directly owned 1,234,341 shares in the company, valued at approximately $7,233,238.26. This represents a 5.32% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 231,626 shares of company stock worth $1,430,587. Company insiders own 5.40% of the company's stock.

Hedge Funds Weigh In On Abeona Therapeutics

Several large investors have recently modified their holdings of ABEO. Legal & General Group Plc bought a new stake in Abeona Therapeutics in the second quarter worth about $27,000. Man Group plc bought a new position in Abeona Therapeutics in the 2nd quarter valued at $67,000. Creative Planning grew its holdings in shares of Abeona Therapeutics by 43.0% in the second quarter. Creative Planning now owns 14,310 shares of the biopharmaceutical company's stock worth $81,000 after purchasing an additional 4,305 shares during the last quarter. The Manufacturers Life Insurance Company bought a new position in shares of Abeona Therapeutics in the second quarter worth about $96,000. Finally, New York State Common Retirement Fund bought a new position in shares of Abeona Therapeutics in the second quarter worth about $97,000. Institutional investors own 80.56% of the company's stock.

Analyst Ratings Changes

ABEO has been the subject of several research analyst reports. Stifel Nicolaus reduced their price objective on Abeona Therapeutics from $21.00 to $20.00 and set a "buy" rating for the company in a report on Friday, May 16th. HC Wainwright reissued a "buy" rating and issued a $20.00 target price on shares of Abeona Therapeutics in a research report on Monday. Wall Street Zen cut Abeona Therapeutics from a "hold" rating to a "sell" rating in a research report on Thursday, May 15th. Alliance Global Partners reissued a "buy" rating on shares of Abeona Therapeutics in a research report on Thursday, May 15th. Finally, Oppenheimer raised their target price on Abeona Therapeutics from $19.00 to $20.00 and gave the stock an "outperform" rating in a research report on Friday, August 15th. Five research analysts have rated the stock with a Buy rating, According to data from MarketBeat, Abeona Therapeutics has a consensus rating of "Buy" and an average price target of $19.50.

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.