CLEVELAND—Mark Alvino, a director at Abeona Therapeutics Inc. (NASDAQ:ABEO), recently sold a portion of his holdings in the company, according to a Form 4 filing with the Securities and Exchange Commission. The transaction, dated January 21, involved the sale of 4,000 shares of common stock at a weighted average price of $5.10 per share, totaling approximately $20,400. The sale comes as InvestingPro data shows the company’s market capitalization stands at $226 million, with analysts setting price targets ranging from $9.50 to $21.00 per share.
The shares were sold in multiple transactions at prices ranging from $5.08 to $5.12. Following this sale, Alvino retains ownership of 68,334 shares in the company. Abeona Therapeutics is a biopharmaceutical company focused on developing gene and cell therapies for life-threatening rare genetic diseases. While the company maintains strong liquidity with a current ratio of 6.12 and more cash than debt on its balance sheet, InvestingPro analysis indicates rapid cash burn and forecasts continued unprofitability for the year ahead. Get access to 6 more key ProTips and comprehensive financial analysis with an InvestingPro subscription.
In other recent news, Abeona Therapeutics has been making significant strides in its financial status and development of its lead gene therapy product, Pradimogene zamykerathal (PZ cell). The biopharmaceutical company reported a net loss of $30.3 million for the third quarter, largely attributed to warrant liability remeasurement. Despite this, the company’s cash reserves remain robust at $110 million, projected to fund operations until 2026. H.C. Wainwright recently reaffirmed its Buy rating for Abeona, following the FDA’s acceptance of the Biologics License Application for PZ cell, setting a Prescription Drug User Fee Act date for April 29, 2025. The firm’s confidence is rooted in the potential approval of PZ cell, designed to address the needs of patients with a rare and severe skin disorder, recessive dystrophic epidermolysis bullosa. The firm also compared PZ cell’s efficacy and durability against the existing treatment Filsuvez, further bolstering its outlook. In addition to these developments, Abeona has been granted two new patents, enhancing its intellectual property portfolio and protection until 2037 and 2040. These recent developments reflect Abeona Therapeutics’ progression towards the potential commercialization of its lead candidate.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.