Abeona Therapeutics Enrolls Its First Patient In Phase 2A Study

Cantor Fitzgerald reiterated its Buy rating and $21 as the price target for Abeona Therapeutics Inc ABEO shares. The firm's move comes on the heels of the company announcing enrollment of patients in phase 2A study following the positive results from its Phase one trial.

Analysts Elemer Piros and Justin Kim pointed out that the trial is meant to administer EB-101 gene-correct skin grafts to more than ten patients. Following this, the company would evaluate improvements in gene expression, safety and healing of wound in a span of 12-month period.

In a research note, Cantor stated, "To date, we have seen results from the initial four adult patients who have achieved nearly complete healing at six months. These results were maintained for approximately half of wounds at 12 months. The clinical trial team at Stanford has also received clearance to treat adolescent patients (>13 years of age)."

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The brokerage estimates $120,000–$180,000 for bandages and ointments for EB patients in a year. Therefore, Cantor assumed a price of $200,000 in the United States and $150,000 in the European Union. This would result in the company's EB 101 exceeding sales revenue of $730 million in 2023 subject to the commercial launch in 2019.

Earlier in the day, Abeona President and CEO Timothy Miller commented, "The clinical data on the initial patients showed significant improvement in wound healing and gene expression through 12 months post- grafting, and that data was recently presented at a meeting of the Society for Investigative Dermatology."

At time of writing, the stock fell $0.19, or 3.02 percent, to $6.10.

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