- Cantor Fitzgerald raised the price target on Abeona Therapeutics Inc (NASDAQ: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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