2,900,000 Shares in Abeona Therapeutics Inc. $ABEO Bought by AIGH Capital Management LLC

Key Points

• AIGH Capital Management opened a major position in Abeona Therapeutics, buying 2.9 million shares worth about $15.2 million—roughly 5.07% of the company and 1.5% of AIGH’s portfolio.
• ABEO opened at $3.91, its 12-month low. Abeona also missed quarterly expectations, reporting a loss of $0.35 per share versus the $0.23 consensus and revenue of $11.38 million versus $12.24 million expected.
• Analysts’ consensus rating is Moderate Buy, with a $21 average price target; five analysts rate the stock Buy and one rates it Sell.

AIGH Capital Management LLC bought a new position in Abeona Therapeutics Inc. (NASDAQ:ABEO - Free Report) during the third quarter, according to its most recent Form 13F filing with the SEC. The firm bought 2,900,000 shares of the biopharmaceutical company's stock, valued at approximately $15,225,000. Abeona Therapeutics makes up approximately 1.5% of AIGH Capital Management LLC's investment portfolio, making the stock its 19th biggest position. AIGH Capital Management LLC owned about 5.07% of Abeona Therapeutics as of its most recent SEC filing.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. AWM Investment Company Inc. purchased a new stake in Abeona Therapeutics in the 2nd quarter valued at $9,184,000. Simplify Asset Management Inc. acquired a new position in Abeona Therapeutics in the 3rd quarter valued at about $1,451,000. Bank of New York Mellon Corp acquired a new position in Abeona Therapeutics in the 2nd quarter valued at about $1,262,000. Sei Investments Co. boosted its holdings in Abeona Therapeutics by 142.4% in the 1st quarter. Sei Investments Co. now owns 172,460 shares of the biopharmaceutical company's stock valued at $773,000 after purchasing an additional 101,307 shares during the last quarter. Finally, Headlands Technologies LLC grew its stake in shares of Abeona Therapeutics by 97.5% in the 2nd quarter. Headlands Technologies LLC now owns 125,090 shares of the biopharmaceutical company's stock valued at $773,000 after buying an additional 61,745 shares during the period. 80.56% of the stock is currently owned by institutional investors and hedge funds.

Abeona Therapeutics Price Performance

ABEO opened at $3.91 on Friday. The stock's 50-day moving average price is $5.09 and its 200 day moving average price is $5.47. Abeona Therapeutics Inc. has a 12-month low of $3.91 and a 12-month high of $7.65. The company has a current ratio of 6.63, a quick ratio of 6.40 and a debt-to-equity ratio of 0.01. The firm has a market cap of $223.57 million, a price-to-earnings ratio of -3.59 and a beta of 1.50.

Abeona Therapeutics (NASDAQ:ABEO - Get Free Report) last issued its quarterly earnings results on Thursday, August 13th. The biopharmaceutical company reported ($0.35) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.23) by ($0.12). The business had revenue of $11.38 million for the quarter, compared to the consensus estimate of $12.24 million. As a group, sell-side analysts expect that Abeona Therapeutics Inc. will post -0.88 earnings per share for the current year.

Wall Street Analyst Weigh In

ABEO has been the subject of a number of recent analyst reports. Oppenheimer restated an "outperform" rating and set a $21.00 price target (down from $22.00) on shares of Abeona Therapeutics in a report on Friday, August 14th. Wall Street Zen raised shares of Abeona Therapeutics from a "strong sell" rating to a "sell" rating in a research report on Saturday, August 1st. Roth Capital began coverage on shares of Abeona Therapeutics in a research report on Thursday, September 17th. They issued a "buy" rating and a $17.00 target price on the stock. Cantor Fitzgerald increased their target price on shares of Abeona Therapeutics from $28.00 to $30.00 and gave the stock an "overweight" rating in a research note on Friday, September 18th. Finally, Weiss Ratings cut shares of Abeona Therapeutics from a "sell (d+)" rating to a "sell (d)" rating in a research report on Monday, August 17th. Five investment analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $21.00.

Insider Activity at Abeona Therapeutics

In other Abeona Therapeutics news, CFO Joseph Vazzano sold 9,191 shares of the firm's stock in a transaction that occurred on Tuesday, September 29th. The shares were sold at an average price of $5.16, for a total value of $47,425.56. Following the completion of the transaction, the chief financial officer owned 482,888 shares of the company's stock, valued at $2,491,702.08. This trade represents a 1.87% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Vishwas Seshadri sold 19,608 shares of the business's stock in a transaction on Tuesday, September 29th. The stock was sold at an average price of $5.16, for a total transaction of $101,177.28. Following the completion of the transaction, the chief executive officer owned 1,286,500 shares of the company's stock, valued at approximately $6,638,340. This trade represents a 1.50% decrease in their position. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold 55,428 shares of company stock worth $296,508 over the last 90 days. 7.10% of the stock is currently owned by corporate insiders.

Abeona Therapeutics Company Profile

Abeona Therapeutics Inc NASDAQ: ABEO is a biopharmaceutical company focused on developing and commercializing cell and gene therapies for serious and rare genetic diseases. The company's programs are designed to address conditions with limited treatment options, including diseases caused by genetic defects affecting the skin and other tissues.

Abeona's lead product, prademagene zamikeracel, is an autologous cell therapy for recessive dystrophic epidermolysis bullosa (RDEB), a rare inherited disorder that causes fragile skin and chronic wounds.

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.