JPMorgan Chase & Co. Trims Position in Abeona Therapeutics Inc. $ABEO

Key Points

• JPMorgan Chase cut its stake in Abeona by 66% in Q3, selling 548,873 shares and leaving 282,259 shares (about a 0.52% stake) valued at roughly $1.49 million.
• Company insiders have been net sellers — directors sold sizable blocks (total insider sales of 184,605 shares worth ~$968,550 in the past 90 days) and insiders now own about 6.90% of the stock.
• Wall Street is mixed but optimistic on average: the consensus rating is "Moderate Buy" with a $19.00 target, while ABEO trades near $4.87 and has a market cap of about $277.8 million.

JPMorgan Chase & Co. trimmed its holdings in Abeona Therapeutics Inc. (NASDAQ:ABEO - Free Report) by 66.0% in the third quarter, according to its most recent disclosure with the SEC. The fund owned 282,259 shares of the biopharmaceutical company's stock after selling 548,873 shares during the period. JPMorgan Chase & Co. owned 0.52% of Abeona Therapeutics worth $1,490,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also made changes to their positions in the company. Boone Capital Management LLC acquired a new position in shares of Abeona Therapeutics during the second quarter worth about $7,126,000. AWM Investment Company Inc. acquired a new position in shares of Abeona Therapeutics during the second quarter worth about $2,670,000. Squarepoint Ops LLC increased its stake in shares of Abeona Therapeutics by 274.2% during the second quarter. Squarepoint Ops LLC now owns 141,978 shares of the biopharmaceutical company's stock worth $806,000 after acquiring an additional 104,037 shares during the period. 683 Capital Management LLC increased its stake in shares of Abeona Therapeutics by 11.1% during the second quarter. 683 Capital Management LLC now owns 750,000 shares of the biopharmaceutical company's stock worth $4,260,000 after acquiring an additional 75,000 shares during the period. Finally, Creative Planning increased its stake in shares of Abeona Therapeutics by 43.0% during the second 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 period. 80.56% of the stock is currently owned by institutional investors and hedge funds.

Abeona Therapeutics Trading Up 1.2%

Shares of ABEO opened at $4.87 on Thursday. The company has a current ratio of 6.93, a quick ratio of 6.74 and a debt-to-equity ratio of 0.05. The firm's 50-day moving average is $4.90 and its two-hundred day moving average is $5.03. Abeona Therapeutics Inc. has a twelve month low of $3.93 and a twelve month high of $7.54. The firm has a market capitalization of $277.83 million, a P/E ratio of 4.73 and a beta of 1.22.

Abeona Therapeutics (NASDAQ:ABEO - Get Free Report) last issued its earnings results on Tuesday, March 17th. The biopharmaceutical company reported ($0.34) earnings per share for the quarter, topping the consensus estimate of ($0.35) by $0.01. The company had revenue of $3.00 million for the quarter, compared to analyst estimates of $5.65 million. On average, research analysts predict that Abeona Therapeutics Inc. will post -1.16 earnings per share for the current fiscal year.

Insider Activity at Abeona Therapeutics

In other Abeona Therapeutics news, Director Eric Crombez sold 16,284 shares of the company's stock in a transaction dated Monday, February 2nd. The shares were sold at an average price of $5.09, for a total transaction of $82,885.56. Following the transaction, the director directly owned 63,456 shares in the company, valued at approximately $322,991.04. This represents a 20.42% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Leila Alland sold 18,065 shares of the company's stock in a transaction dated Monday, February 2nd. The stock was sold at an average price of $5.09, for a total transaction of $91,950.85. Following the transaction, the director owned 173,614 shares in the company, valued at $883,695.26. The trade was a 9.42% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 184,605 shares of company stock valued at $968,550 in the last ninety days. Company insiders own 6.90% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on ABEO shares. Weiss Ratings reiterated a "sell (d+)" rating on shares of Abeona Therapeutics in a research note on Wednesday, January 21st. Stifel Nicolaus set a $17.00 price target on shares of Abeona Therapeutics in a research note on Tuesday, March 17th. HC Wainwright reiterated a "buy" rating and set a $20.00 price target on shares of Abeona Therapeutics in a research note on Thursday, March 19th. Finally, Oppenheimer reiterated an "outperform" rating on shares of Abeona Therapeutics in a research note on Monday, March 9th. Four research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company's stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $19.00.

Abeona Therapeutics 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.

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