Abeona Therapeutics (ABEO) PT Raised to $21 at Stifel

Stifel analyst Stephen Willey raised the price target on Abeona Therapeutics (NASDAQ: ABEO) to $21.00 (from $14.00) while maintaining a Buy rating.

The analyst comments "We believe FDA’s broad approval of Zevaskyn for the treatment of wounds in adult/pediatric RDEB patients represents an important milestone which appropriately now transitions focus to the commercial execution of a high-margin business which we assume becomes sustainably profitable in FY26. We believe the most important disclosures on management’s post-approval call included higher-than-anticipated Zevaskyn pricing (WAC=$3.1M, vs. our $2.25M estimate), the planned implementation of outcomes-based arrangements with payers (allowing for potential rebates within a 3-year post-treatment window), the indirect issuance of FY25 revenue guidance (representing ~10-14 treated patients by YE25), and the ability to reach break-even at a modest throughput of ~3 patients/month. Our increased target price (now $21) reflects regulatory certainty in the U.S. (previously 90%, +$1/share), the aforementioned pricing impact (+$7/share), and a higher estimated ex-U.S. pricing discount (15-20% vs. prior 5-10%, ($1)/share). Our U.S. treatment volume estimates – including 12/46/70 in FY25/26/27E – remain unchanged. We remain Buy-rated."

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