- Cantor Fitzgerald raised the price target on Abeona Therapeutics Inc ABEO from $22 to $40 after adjusting the market model/increasing the probability of success for EB-101.
- Last week, the company released topline data from the pivotal Phase 3 VIITAL study of EB-101 in recessive dystrophic epidermolysis bullosa (RDEB).
- The study met its two co-primary efficacy endpoints and demonstrated statistically significant, clinically meaningful improvements in wound healing and Pain reduction in large chronic RDEB wounds.
- The analyst increased the probability of success from 70% to 85% to reflect the positive data and believes the data supporting EB-101 will become the standard of care for RDEB.
- Cantor emphasizes its belief that Abeona is the only company to now have positive key RDEB data in the evaluation of larger, chronic wounds.
- The upbeat data and $35 million capital raise eliminates a financial backlog for the company, allowing investors to focus on the next step in potential commercialization, the analyst writes.
- Price promotion: ABEO shares are down 0.41% on the latest check Tuesday to $3.655.
- Photo via company
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