Bank of New York Mellon Corp Buys New Position in Abeona Therapeutics Inc. $ABEO

Key Points

• Bank of New York Mellon purchased 204,246 Abeona Therapeutics shares worth approximately $1.26 million, representing about 0.36% of the company. Institutional investors collectively own 80.56% of ABEO.
• Abeona reported a quarterly loss of $0.35 per share, missing the $0.23 consensus estimate, while revenue of $11.38 million fell short of the $12.24 million forecast.
• Analyst sentiment is mixed, resulting in a consensus “Hold” rating and a $19.33 target price; meanwhile, company insiders sold 163,145 shares valued at roughly $1.08 million during the last quarter.

Bank of New York Mellon Corp purchased a new stake in Abeona Therapeutics Inc. (NASDAQ:ABEO - Free Report) during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund purchased 204,246 shares of the biopharmaceutical company's stock, valued at approximately $1,262,000. Bank of New York Mellon Corp owned approximately 0.36% of Abeona Therapeutics as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Legal & General Group Plc bought a new position in Abeona Therapeutics in the second quarter worth $27,000. Royal Bank of Canada grew its position in Abeona Therapeutics by 49.6% during the 1st quarter. Royal Bank of Canada now owns 6,500 shares of the biopharmaceutical company's stock valued at $29,000 after purchasing an additional 2,155 shares during the last quarter. Russell Investments Group Ltd. purchased a new stake in Abeona Therapeutics during the 3rd quarter valued at about $37,000. Truvestments Capital LLC increased its stake in Abeona Therapeutics by 191.4% during the 4th quarter. Truvestments Capital LLC now owns 10,307 shares of the biopharmaceutical company's stock valued at $54,000 after purchasing an additional 6,770 shares in the last quarter. Finally, Sherbrooke Park Advisers LLC purchased a new position in Abeona Therapeutics in the third quarter worth about $64,000. Hedge funds and other institutional investors own 80.56% of the company's stock.

Abeona Therapeutics Stock Performance

NASDAQ:ABEO opened at $5.79 on Thursday. The stock has a 50-day moving average price of $6.43 and a 200 day moving average price of $5.69. The stock has a market capitalization of $331.07 million, a P/E ratio of -5.31 and a beta of 1.33. Abeona Therapeutics Inc. has a 12-month low of $4.00 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.

Abeona Therapeutics (NASDAQ:ABEO - Get Free Report) last posted its quarterly earnings results on Thursday, August 13th. The biopharmaceutical company reported ($0.35) EPS for the quarter, missing analysts' consensus estimates of ($0.23) by ($0.12). The company had revenue of $11.38 million during the quarter, compared to the consensus estimate of $12.24 million. Equities research analysts forecast that Abeona Therapeutics Inc. will post -0.93 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

ABEO has been the topic of a number of recent analyst reports. Weiss Ratings cut shares of Abeona Therapeutics from a "sell (d+)" rating to a "sell (d)" rating in a report on Monday, August 17th. Oppenheimer reaffirmed an "outperform" rating and set a $21.00 price objective (down from $22.00) on shares of Abeona Therapeutics in a research report on Friday, August 14th. Wall Street Zen raised Abeona Therapeutics from a "strong sell" rating to a "sell" rating in a research report on Saturday, August 1st. Finally, HC Wainwright restated a "buy" rating and set a $20.00 target price on shares of Abeona Therapeutics in a research note on Thursday, May 28th. Two equities research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, Abeona Therapeutics currently has a consensus rating of "Hold" and a consensus target price of $19.33.

Insider Activity

In other Abeona Therapeutics news, CFO Joseph Vazzano sold 24,880 shares of Abeona Therapeutics stock in a transaction on Thursday, July 9th. The shares were sold at an average price of $6.96, for a total value of $173,164.80. Following the sale, the chief financial officer directly owned 493,557 shares in the company, valued at approximately $3,435,156.72. The trade was a 4.80% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Mark Alvino sold 15,000 shares of the business's stock in a transaction on Tuesday, September 1st. The stock was sold at an average price of $5.86, for a total transaction of $87,900.00. Following the completion of the sale, the director owned 62,065 shares in the company, valued at approximately $363,700.90. The trade was a 19.46% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 163,145 shares of company stock valued at $1,084,214 in the last quarter. Company insiders own 7.10% of the company's stock.

About Abeona Therapeutics

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.

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