Abeona Therapeutics Inc. (NASDAQ:ABEO) had a busy week that included a new treatment center activation, an FDA approval for a drug the company licensed away and multiple fresh analyst ratings.
- Abeona stock is among today’s top performers. Why are ABEO shares rallying?
UF Health Activated as Eighth Qualified Treatment Center for ZEVASKYN
On September 16, Abeona announced the activation of University of Florida Health in Gainesville as the eighth Qualified Treatment Center for the administration of ZEVASKYN, the company’s gene-modified cellular sheet therapy for recessive dystrophic epidermolysis bullosa. UF Health is now the sole treatment center for ZEVASKYN across the Southeastern United States.
“Activation of UF Health as a QTC represents an important step in expanding access to ZEVASKYN for patients living with RDEB in Florida and the Southeastern United States,” said Dr. Madhav Vasanthavada, Chief Commercial Officer of Abeona.
Royalties in Focus After FDA Approval of Fayuvi for Sanfilippo A
On September 17, the FDA granted full approval to Ultragenyx’s FAYUVI for pediatric patients with Sanfilippo syndrome Type A, making it the first approved treatment for the rare neurodegenerative disease and the company’s second approved gene therapy. The approval also earned Ultragenyx a Priority Review Voucher.
The FDA approval of FAYUVI represents a potential commercial milestone for Abeona, which is eligible to receive royalty payments on future sales as well as certain commercial milestone payments under its licensing agreement with Ultragenyx.
Abeona originally developed the gene therapy as ABO-102 before licensing worldwide rights to Ultragenyx in 2022, and it stands to collect mid-single-digit royalties on sales plus up to $30 million in commercial milestone payments under that licensing deal.
Analyst Consensus & Recent Actions
The stock carries a Buy rating with an average price forecast of $22.00. Recent analyst moves include:
- Cantor Fitzgerald: Overweight (Raises Target to $30.00) (Sept. 18)
- Roth Capital: Initiated with Buy (Target $17.00) (Sept. 17)
Abeona Shares Edge Higher
ABEO Price Action: At the time of publication, Abeona shares are trading 3.76% higher at $5.80, according to data from Benzinga Pro.
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