Cantor Fitzgerald Starts Abeona Therapeutics (ABEO) at Buy, $21 PT
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Cantor Fitzgerald initiates coverage on Abeona Therapeutics (NASDAQ: ABEO) with a Buy rating and a price target of $21.00.
Analyst Elemer Piros highlighted:
- Reversal of Fortune: Children suffering from some of the most devastating inherited disorders have a normal early childhood. Then they begin to lose language ability, develop cognitive problems, have seizures, lose motor skills and die within the first one to two decades of their lives.
- Robust Correction: In what we consider to be one of the most comprehensive preclinical packages in the field of gene therapy, Abeona has demonstrated that correction of enzyme deficiency in the brain is achievable by IV infusion of the drug for Sanfilippo syndrome.
- Expanding: Leveraging development skills in the field, Abeona recently licensed a gene therapy program treating juvenile Batten disease. Similar to Sanfilippo syndrome, children with Batten disease lose speech, have seizures, suffer from dementia and die during childhood. This program could enter the clinic in 2017. With a license to treat a rare genetic skin condition, dystrophic epidermolysis bullosa (EB), Abeona obtained a clinical-stage program. The treatment appeared to be safe and provided durable benefit (up to one year) to the first four patients treated. The Phase II trial will be initiated in 3Q:16 in younger patients.
- Valuation: The sum of the risk-adjusted NPV for the Sanfilippo and Dystrophic EB programs yields an after-tax value of ~$600 million ($18/share), in our estimation. Additional value is attributed to the plasma purification and the preclinical gene therapy assets ($100 million, $3/share) equating to an overall company value of ~$700 million $21/share).
Shares of Abeona Therapeutics closed at $4.69 yesterday.
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