Abeona Therapeutics (ABEO) Receives a Hold from JonesTrading


JonesTrading analyst Matthew Cross reiterated a Hold rating on Abeona Therapeutics (ABEO) today. The company’s shares opened today at $3.93, close to its 52-week low of $3.36.

Cross noted:

“We maintain our HOLD rating. Phase 3 VITAL trial for EB-101 faces another timeline setback attributed to CMC and trial protocols. Having now reached the mid-2019 which was previously guided to as the timeframe for initiation of the Phase 3 VITAL trial of Abeona disclosed in an 8-K filing this morning that it would be pushing this back once again to address FDA feedback on the CMC and VITAL trial protocols. Specifically, the company cited discussions surrounding the clinical assessment of patient-reported outcome measures (likely pertaining to the study’s collection of secondary endpoints), comparability testing protocols for VITAL, and CMC implementation of product transport.”

According to TipRanks.com, Cross has currently no stars on a ranking scale of 0-5 stars, with an average return of -6.9% and a 32.0% success rate. Cross covers the Healthcare sector, focusing on stocks such as Aeglea Biotherapeutics Inc, Catalyst Biosciences Inc, and Actinium Pharmaceuticals.

Currently, the analyst consensus on Abeona Therapeutics is a Strong Buy with an average price target of $22.80.

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Based on Abeona Therapeutics’ latest earnings release for the quarter ending March 31, the company reported a quarterly GAAP net loss of $18.56 million. In comparison, last year the company had a GAAP net loss of $11.7 million.

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Abeona Therapeutics, Inc. is a clinical stage biopharmaceutical company, which engages in the development of gene therapy for severe and life threatening rare diseases. It programs include EB-101 (gene-corrected skin grafts) for recessive dystrophic epidermolysis bullosa (RDEB); ABO-102 (AAV-SGSH), an adeno-associated virus (AAV) based gene therapy for Sanfilippo syndrome type A (MPS IIIA) and ABO-101 (AAV NAGLU), an AAV based gene therapy for Sanfilippo syndrome type B (MPS IIIB). The company was founded in 1974 and is headquartered in New York, NY.

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