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.
