Cantor Bullish On Abeona Saying Recent Trial Data 'Best Case Scenario'

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 reported topline data from the pivotal Phase 3 VIITAL study of EB-101 for recessive dystrophic epidermolysis bullosa (RDEB).
The study met its two co-primary efficacy endpoints demonstrating 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 to become the standard of care for RDEB.
Cantor emphasizes its belief Abeona is the only company to now show positive pivotal data in RDEB when evaluating the larger, chronic wounds.
The positive data and capital raise of $35 million remove a financial overhang on the company, and investors can focus on the next step of potential commercialization, the analyst writes.
Price Action: ABEO shares are down 0.41% at $3.655 on the last check Tuesday.
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