Abeona Therapeutics initiated with a Buy at H.C. Wainwright

H.C. Wainwright analyst Raghuram Selvaraju initiated coverage of Abeona Therapeutics with a Buy rating and $15 price target. Abeona’s lead candidate prademagene zamikeracel, or pz-cel, is a revolutionary approach to treatment of recessive dystrophic epidermolysis bullosa, or RDEB, patients of which are deemed “butterfly children” due to their fragility and the fact that they experience pain whenever they are touched, the analyst tells investors. The firm believes that pz-cel ought to achieve peak sales of over $300M in the U.S. alone, driven by ultra-premium pricing of roughly $850K per patient, and sees “no other RDEB therapy is likely to be capable of providing a long-term potential cure or definitive wound closure in the same manner as pz-cel.”