Home Trending Stocks Why Abeona Therapeutics Inc. (ABEO) stock performed well on Wednesday?

Why Abeona Therapeutics Inc. (ABEO) stock performed well on Wednesday?

Abeona Therapeutics Inc. (ABEO) shares surged 7.95% in after-market on Wednesday, June 2, 2021. ABEO’s stock gained 2.92% to close Wednesday’s session at $1.76. ABEO shares have lost 42.48% over the last 12 months, and they have moved up 18.12% in the past week. Over the past three months, the stock has lost 19.63%, while over the past six months, it has added 8.64%.

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Participation in the upcoming conference

Abeona Therapeutics Inc will be participating at the Jefferies Virtual Healthcare Conference on Thursday, June 3, 2021, at 10:30 a.m. ET. Michael Amoroso, President, and Chief Executive Officer, will present the company.

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New appointments

On May 25, 2021, Abeona Therapeutics Inc appointed Vishwas Seshadri, Ph.D., M.B.A., as Senior Vice President, Head of Research & Clinical Development, effective June 1, 2021.

Dr. Seshadri will bring more than 20 years of experience including in academia and various senior and executive leadership roles to the company

Back on April 19, 2021, Abeona Therapeutics Inc appointed Dr. Leila Alland and Mr. Donald Wuchterl as new independent members of its Board of Directors.

Financial results

On May 18, 2021, Abeona Therapeutics Inc reported its financial results for the first quarter of 2021.

Q1 2021 financial highlights

  • The company earned no revenue in Q1 2021 and Q1 2020.
  • In Q1 2021, research and development expenses were $7.2 million, compared to $6.8 million in Q1 2020.
  • General and administrative expenses were $6.6 million for the first quarter of 2021, compared to $6.4 million in Q1 2020.
  • Abeona Therapeutics reported a net loss of $16.0 million in Q1 2021 compared to a net loss of $48.2 million in Q1 2020.
  • Basic and diluted loss per common share was $0.17 in Q1 2021 compared to $0.52 in Q1 2020.
  • On March 31, 2021, the company had cash, cash equivalents, and short-term investments that totaled $86.8 million compared to $95.0 million as of December 31, 2020.

AAV Vector Technology Preclinical data presentation

Abeona Therapeutics Inc presented the new data from its preclinical research in an oral presentation at the Association for Research in Vision and Ophthalmology (ARVO) 2021 Annual Meeting, which held virtually from May 1-7, 2021.

The data presented at ARVO provide compelling evidence that two independent AAV vectors utilizing Cre recombinase can efficiently reconstitute the ABCA4 gene, leading to full-size ABCA4 protein expression.

New CEO appointment

On March 22, 2021, Abeona Therapeutics Inc promoted Michael Amoroso to President, Chief Executive Officer (CEO), and a member of the company’s Board of Directors, effective immediately.

Michael Amoroso was working as Executive Vice President, Chief Operating Officer (COO), and principal executive officer at Abeona.

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Conclusion

Well, there is no latest news or development which we could link with its Wednesday’s performance. Let’s see what the company is going to announce at today’s health care conference.

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