Montanova Capital LLC Reduces Holdings in Abeona Therapeutics Inc. $ABEO

Key Points

• Montanova Capital sharply reduced its Abeona Therapeutics stake by 81.3% in the second quarter, selling 2.176 million shares and retaining 500,000 shares worth about $3.09 million. Other institutions, including Geode Capital and JPMorgan, increased their positions, while institutional investors collectively own 80.56% of ABEO.
• Abeona reported weaker-than-expected quarterly results, with an EPS loss of $0.35 versus the $0.23 consensus estimate and revenue of $11.38 million compared with expectations of $12.24 million. The stock opened at $5.85, within a 52-week range of $4.00 to $7.65.
• Analyst sentiment remains mixed: Oppenheimer and HC Wainwright maintain positive ratings with price targets of $21 and $20, respectively, while other firms rate the stock Sell. The overall MarketBeat consensus is Hold, with an average target price of $19.33.

Montanova Capital LLC lowered its position in shares of Abeona Therapeutics Inc. (NASDAQ:ABEO - Free Report) by 81.3% during the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 500,000 shares of the biopharmaceutical company's stock after selling 2,176,000 shares during the period. Montanova Capital LLC owned about 0.87% of Abeona Therapeutics worth $3,090,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in the company. Goldman Sachs Group Inc. boosted its position in shares of Abeona Therapeutics by 49.6% in the 1st quarter. Goldman Sachs Group Inc. now owns 200,450 shares of the biopharmaceutical company's stock valued at $954,000 after purchasing an additional 66,422 shares during the period. Geode Capital Management LLC increased its position in Abeona Therapeutics by 129.1% during the second quarter. Geode Capital Management LLC now owns 1,105,862 shares of the biopharmaceutical company's stock worth $6,282,000 after buying an additional 623,243 shares during the period. Creative Planning lifted its stake in Abeona Therapeutics by 43.0% in the second quarter. Creative Planning now owns 14,310 shares of the biopharmaceutical company's stock valued at $81,000 after buying an additional 4,305 shares during the last quarter. JPMorgan Chase & Co. lifted its stake in Abeona Therapeutics by 255.6% in the second quarter. JPMorgan Chase & Co. now owns 831,132 shares of the biopharmaceutical company's stock valued at $4,721,000 after buying an additional 597,373 shares during the last quarter. Finally, Legal & General Group Plc acquired a new stake in shares of Abeona Therapeutics in the second quarter valued at approximately $27,000. 80.56% of the stock is owned by hedge funds and other institutional investors.

Abeona Therapeutics Price Performance

Shares of NASDAQ ABEO opened at $5.85 on Tuesday. The company has a debt-to-equity ratio of 0.01, a current ratio of 6.63 and a quick ratio of 6.40. The stock has a fifty day moving average price of $6.41 and a 200 day moving average price of $5.65. Abeona Therapeutics Inc. has a 1-year low of $4.00 and a 1-year high of $7.65. The company has a market cap of $334.50 million, a PE ratio of -5.37 and a beta of 1.35.

Abeona Therapeutics (NASDAQ:ABEO - Get Free Report) last announced its quarterly earnings data on Thursday, August 13th. The biopharmaceutical company reported ($0.35) earnings per share (EPS) for the quarter, missing the consensus estimate 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. Sell-side analysts forecast that Abeona Therapeutics Inc. will post -0.93 EPS for the current year.

Insider Buying and Selling at Abeona Therapeutics

In related news, CFO Joseph Walter Vazzano sold 39,067 shares of the firm's stock in a transaction dated Tuesday, June 9th. The shares were sold at an average price of $5.36, for a total value of $209,399.12. Following the completion of the sale, the chief financial officer owned 518,437 shares in the company, valued at $2,778,822.32. This trade represents a 7.01% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Vishwas Seshadri sold 67,971 shares of Abeona Therapeutics stock in a transaction that occurred on Thursday, July 9th. The shares were sold at an average price of $6.96, for a total value of $473,078.16. Following the completion of the sale, the chief executive officer directly owned 1,306,108 shares in the company, valued at $9,090,511.68. This represents a 4.95% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last quarter, insiders sold 274,578 shares of company stock valued at $1,674,433. Insiders own 7.10% of the company's stock.

Wall Street Analyst Weigh In

Several research firms recently commented on ABEO. Oppenheimer reiterated an "outperform" rating and issued a $21.00 price target (down from $22.00) on shares of Abeona Therapeutics in a research report on Friday, August 14th. HC Wainwright reissued a "buy" rating and set a $20.00 price objective on shares of Abeona Therapeutics in a research report on Thursday, May 28th. Wall Street Zen upgraded shares of Abeona Therapeutics from a "strong sell" rating to a "sell" rating in a research note on Saturday, August 1st. Finally, Weiss Ratings cut shares of Abeona Therapeutics from a "sell (d+)" rating to a "sell (d)" rating in a report on Monday, August 17th. Two research analysts have rated the stock with a Buy rating and one has given a Sell rating to the company. According to MarketBeat.com, Abeona Therapeutics has an average rating of "Hold" and an average target price of $19.33.

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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