Abeona Therapeutics Inc. $ABEO Stock Position Cut by Propel Bio Management LLC

Propel Bio Management LLC lowered its stake in Abeona Therapeutics Inc. (NASDAQ:ABEO) by 14.7% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 830,780 shares of the biopharmaceutical company’s stock after selling 143,242 shares during the quarter. Abeona Therapeutics accounts for 3.7% of Propel Bio Management LLC’s portfolio, making the stock its 10th largest position. Propel Bio Management LLC owned about 1.53% of Abeona Therapeutics worth $4,378,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also added to or reduced their stakes in ABEO. AIGH Capital Management LLC bought a new position in Abeona Therapeutics in the fourth quarter worth approximately $10,540,000. Geode Capital Management LLC raised its position in Abeona Therapeutics by 129.1% in the second quarter. Geode Capital Management LLC now owns 1,105,862 shares of the biopharmaceutical company’s stock worth $6,282,000 after acquiring an additional 623,243 shares during the period. Aberdeen Group plc bought a new position in Abeona Therapeutics in the fourth quarter worth approximately $3,248,000. Cable Car Capital LP bought a new position in Abeona Therapeutics in the third quarter worth approximately $3,168,000. Finally, JPMorgan Chase & Co. raised its position in Abeona Therapeutics by 255.6% in the second quarter. JPMorgan Chase & Co. now owns 831,132 shares of the biopharmaceutical company’s stock worth $4,721,000 after acquiring an additional 597,373 shares during the period. 80.56% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

ABEO has been the topic of several recent research reports. Stifel Nicolaus set a $17.00 price target on shares of Abeona Therapeutics in a research report on Tuesday, March 17th. Oppenheimer reiterated an “outperform” rating on shares of Abeona Therapeutics in a research report on Monday, March 9th. Wall Street Zen upgraded shares of Abeona Therapeutics from a “strong sell” rating to a “sell” rating in a research report on Monday, June 1st. Finally, HC Wainwright reiterated a “buy” rating and issued a $20.00 price target on shares of Abeona Therapeutics in a research report on Thursday, May 28th. Two research analysts have rated the stock with a Buy rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $19.00.

Abeona Therapeutics Stock Performance

Shares of NASDAQ ABEO opened at $5.46 on Friday. The firm has a fifty day moving average price of $5.33 and a 200-day moving average price of $5.14. The company has a debt-to-equity ratio of 0.03, a current ratio of 5.89 and a quick ratio of 5.70. The stock has a market cap of $311.17 million, a PE ratio of 5.63 and a beta of 1.35. Abeona Therapeutics Inc. has a 1 year low of $4.00 and a 1 year high of $7.54.

Abeona Therapeutics (NASDAQ:ABEO) last announced its quarterly earnings data on Wednesday, May 13th. The biopharmaceutical company reported ($0.30) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.33) by $0.03. The firm had revenue of $8.72 million during the quarter, compared to analysts’ expectations of $4.57 million. Equities analysts anticipate that Abeona Therapeutics Inc. will post -0.79 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, Director Mark Alvino sold 6,500 shares of the company’s stock in a transaction on Friday, May 22nd. The shares were sold at an average price of $5.46, for a total transaction of $35,490.00. Following the completion of the transaction, the director owned 77,565 shares in the company, valued at approximately $423,504.90. This represents a 7.73% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Eric Crombez sold 26,143 shares of the company’s stock in a transaction on Friday, May 15th. The stock was sold at an average price of $5.53, for a total transaction of $144,570.79. Following the transaction, the director owned 37,313 shares of the company’s stock, valued at approximately $206,340.89. This represents a 41.20% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 38,191 shares of company stock worth $213,127 in the last three months. 7.10% of the stock is owned by company insiders.

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.