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Tag: ABEO

  • Abeona Therapeutics Inc. (ABEO) Stock Dipped in Premarket Despite no Visible Reason.

    Abeona Therapeutics Inc. (ABEO) is a clinical-stage novel biotherapeutics company engaged in the development of gene and cell therapies for life-threatening disorders. The lead product candidate of the company in Phase 3 trials is EB-101 for the treatment of recessive dystrophic epidermolysis bullosa. ABO-102 and ABO-101 in Phase 1/2 clinical trials are used in treating Sanfilippo syndrome.

    The price of ABEO stock during the regular trading on February 7, 2022, was $0.26 with an increase of 3.10%. At last check in the premarket on February 8, 2022, the stock dipped by 2.55%.

    ABEO: Events and Happenings

    On December 22, 2021, ABEO issued a letter to its stockholders regarding the recap of the company’s achievement of different milestones in 2021. The letter also stated the steps which have placed the company on the course of a transformative 2022. On December 17, 2021, ABEO updated about the pricing of a definite public offering of 44,700,000 shares of the company’s common stock and warrants for the purchase of 44,700,000 shares of common stock at a public offering price of $0.39 per share. The net profit from the offering was $17.5 million.

    On November 17, 2021, ABEO informed that its research data regarding ABO-102 was presented at the 14th Virtual International Congress of Inborn Errors of Metabolism on November 21-23, 2021.

    ABEO: Key Financials

    On November 15, 2021, ABEO released its financial results for the third fiscal quarter of 2021 ended September 30, 2021. Some of the main updates are mentioned below.

    Revenue

    The revenue in Q3 2021 was nil compared to the $7 million revenue in the same period of 2020. The analysts also expected no revenue in the quarter.

    EPS

    Basic and diluted net loss per share in Q3 2021 was $7.0 million or $0.07 compared to $7.2 million, or $0.08 in the same period of 2020. The company’s EPS beat the estimated figures by $0.02.

    Conclusion

    ABEO stock is 92% down the previous year due to pandemic recession. The company’s stock dipped in Tuesday’s premarket due to uncertain factors as there is no official press release or latest SEC filing available from the company. As the earnings release date of the quarter is near, the analysts are estimating the company’s EPS to be -$0.16.

  • Abeona Therapeutics Inc. (ABEO) stock Continues to Rise Premarket. Any Reason?

    On February 2, Abeona Therapeutics Inc. (ABEO) stock had increased by a further 7.14% premarket, at the last check. There is no official announcement or SEC filing from the company.

    In the previous trading session, the stock fluctuated between a high of $0.2840 and a low of $0.2571. ABEO closed the session at $0.2800 with a gain of 9.72% at a volume of 3.45 million shares. The stock has continued its bullish momentum so far, reaching up to $0.30 premarket, at the time of writing.

    The clinical-stage biopharmaceutical company, Abeona Therapeutics Inc. has a market capitalization of $37.42 million. Currently, the company has 101.92 million shares outstanding in the market.

    ABEO Stock Movement

    While there is no official announcement or SEC filing, the stock has been bullish since January 31, 2022. Moreover, the company doesn’t have any upcoming events scheduled either. It seems like the stock is gaining on external factors like social media chatter or stock sentiment. Given the bullish momentum of the stock, ABEO has added 16.72% in the past five days.

    In the bigger picture, ABEO stands at a year-to-date loss of 16.91% while it subtracted a huge 88.03% last year.

    Letter to Shareholders

    On December 22, the company issued a letter to its shareholders providing business highlights of 2021.

    The major highlights of 2021 as per the letter include:

    EB-101

    Nearly completed patient enrollment for Phase 3 VIITAL study of EB-101 in recessive dystrophic epidermolysis bullosa.

    Topline data from the trial is expected in Q3 of 2022.

    Preparation of cGMP commercial facility in Cleveland, Ohio.

    ABO-102

    Successful completion of Type B meeting with FDA for clarity on the regulatory path for ABO-102 in Sanfilippo syndrome type A (MPS IIIA).

    Six GMP lots of ABO-102 were manufactured.

    Commenced construction of commercial AAV facility at Cleveland site.

    ABO-101

    Closed enrollment in Transpher B study of ABO-101 in Sanfilippo syndrome type B (MPS IIIB).

    Additionally, ABEO is also planning to work on common diseases with its preclinical programs evaluating novel AAV capsids in 5 undisclosed ophthalmic conditions.

    ABEO’s Financial Overview

    In the third quarter of 2021, the company had a net loss of $7 million, against $7.2 million in Q3 2020. Therefore, the net loss per basic and diluted share was $0.07 and $0.08 in Q3 of 2021 and 2020, respectively.

    ABEO ended the quarter with cash, cash equivalents, and short-term investments of $67 million on September 30, 2021.

  • Abeona Therapeutics Inc. (ABEO) stock Plunges Deep in the After Hours. Reasons?

    On December 16, Abeona Therapeutics Inc. (ABEO) stock plunged by a further 22.15% in the after-hours on news of a public offering. The stock was already in the red but the news caused it to fall further deep.

    During regular trading, the stock was down by 6.39% at the closing price of $0.4881 on Thursday. Following the news, the stock fell down to $0.3800 in the after-hours at 2.77 million shares.

    Currently, the 101.92 million outstanding shares of the biopharma trade at a market capitalization of $53.14 million.

    ABEO’s Public Offering

    On Thursday, the company announced a public offering of its common stock and warrants. As per the underwritten offering, the company will sell shares of its common stock along with the warrant for its purchase. Moreover, the offer will be made pursuant to an existing shelf registration statement.

    Further, the size, terms, and closing which are subject to market condition, were not disclosed. In addition, the sole book-running manager for the offering is Cantor Fitzgerald and Co. And the lead manager for the offering is A.G.P/Alliance Global Partners.

    The net proceeds of the offering are intended for the continued funding of pipeline products as well as corporate purposes.

    Support of EB Research Partnership

    Previously the company sponsored the second annual Venture Into Cures, which was held virtually on November 18. It is a virtual event that supports the mission of the EB Research Partnership. Moreover, EB Research Partnership has been trying to find a cure for EB (epidermolysis bullosa) which is a connective tissue disorder with severe skin wounds.

    ABEO is currently working on EB-101 as a treatment for patients with the most severe form of EB. Furthermore, in collaboration with Stanford University Medical Center and UMass Memorial Medical Center, Phase 3 VITALTM study is being advanced.

    ABEO’s Financial Analysis

    On November 15, ABEO announced its financial results for the third quarter of 2021. In the third quarter of 2021, the company had no revenues while a year ago it had $7.0 million. The previous year’s revenue was generated from sublicense and inventory purchase agreements of ABO-202.

    Moreover, in the third quarter of 2021, the R&D and G&A expenses were $8.0 million and $6.1 million, respectively. This compares to $8.0 million and $4.4 million in the year-ago period.

    Further, the third quarter saw a net loss of $7.0 million, against $7.2 million in the Q3 of 2020. Consequently, the net loss per basic and diluted share was $0.07 and $0.08 in the Q3 of 2021 and 2020, respectively.

  • Abeona Therapeutics, Inc. (ABEO) Stock Relatively Stable Following Positive Data for Sanfilippo Syndrome Treatment

    Abeona Therapeutics, Inc. (ABEO) stock prices were up 0.76% as of the market close on July 26th, 2021, bringing the price per share up to USD$1.32 at the end of the trading day. Subsequent current market fluctuations saw the stock fall by 5.30%, bringing it down to USD$1.25.

    Promising Topline Data

    July 26th, 2021 saw ABEO stock announce magnetic resonance imaging (MRI) data from the Phase 1/2 Transpher A clinical study. The study indicated that ABO-102 increases grey matter, corpus callosum, and amygdala volumes in the brain. The study consisted of three young patients with Sanfilippo Syndrome Type A (MPS IIIA) at 24 months, compared to afflicted patients who did not receive treatment. The findings were presented by ABEO stock during an oral presentation at the 16th International Symposium on MPS and Related Diseases.

    Scope of Findings

    Brain volume loss is typical in children with MPS IIIA and is linked to long-term cognitive and physical disability. Grey matter has been found to be important for cognitive development, whereas the corpus callosum is crucial for motor function. The amygdala plays a critical role in fear learning as well as social/emotional development. The findings highlight the potential of ABO-102 to increase brain grey matter, corpus callosum, and amygdala volumes. This potential is in line with ABEO stocks’ previously reported results of preservation of neurocognitive development in the three young patients in the Transpher A study.

    ABEO Stock’s Study Endpoints

    The Transpher A study primary endpoints targeted neurodevelopment and the treatment’s safety. Secondary endpoints include, but are not limited to, brain volume, behavior evaluations, quality of life, enzyme activity in cerebrospinal fluid (CSF) and plasma, heparan sulfate levels in CSF, plasma, and urine, and liver volume.

    About the Study

    The Transpher A Study is a two-year process that is currently ongoing as an open-label, dose-escalation, Phase 1/2 global clinical trial. It is designed to assess the treatment of patients with Sanfilippo syndrome type A (MPS IIIA) with the use of ABEO stock’s ABO-102. The study is known as ABT-001 and is intended for patients ranging from birth to 2 years of age, or for patients older than 2 years with a cognitive developmental quotient of 60% or above.

    Future Outlook for ABEO

    Armed with the latest data from its highly promising study, ABEO stock is poised to capitalize on the opportunities ahead of it. The company is keen to push for the accelerated development and proliferation of ABO-102, which investors hope will translate into long-term gains in shareholder value.