Sesen Bio (NASDAQ:SESN) Shares Down 6.8%
Sesen Bio Inc (NASDAQ:SESN)’s share price was down 6.8% on Wednesday . The company traded as low as $1.85 and last traded at $1.91. Approximately 4,406,808 shares traded hands during mid-day trading, an increase of 76% from the average daily volume of 2,505,867 shares. The stock had previously closed at $2.05.
A number of equities analysts have recently weighed in on SESN shares. Zacks Investment Research raised Sesen Bio from a “hold” rating to a “buy” rating and set a $1.50 price objective for the company in a research note on Friday, May 17th. HC Wainwright raised Sesen Bio from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $1.00 to $3.00 in a research note on Tuesday. Finally, ValuEngine lowered Sesen Bio from a “hold” rating to a “sell” rating in a research note on Wednesday, May 1st. Two equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. The stock currently has a consensus rating of “Buy” and an average target price of $2.50.
The company has a market capitalization of $146.94 million, a price-to-earnings ratio of -3.47 and a beta of 1.14.
A number of institutional investors have recently made changes to their positions in SESN. Vanguard Group Inc boosted its stake in Sesen Bio by 22.0% during the third quarter. Vanguard Group Inc now owns 2,518,891 shares of the company’s stock valued at $5,415,000 after buying an additional 454,950 shares during the last quarter. Vanguard Group Inc. boosted its stake in Sesen Bio by 22.0% during the third quarter. Vanguard Group Inc. now owns 2,518,891 shares of the company’s stock valued at $5,415,000 after buying an additional 454,950 shares during the last quarter. Millennium Management LLC boosted its stake in Sesen Bio by 32.5% during the fourth quarter. Millennium Management LLC now owns 1,099,897 shares of the company’s stock valued at $1,562,000 after buying an additional 269,863 shares during the last quarter. Castle Hook Partners LP boosted its stake in Sesen Bio by 24.7% during the first quarter. Castle Hook Partners LP now owns 1,262,924 shares of the company’s stock valued at $1,301,000 after buying an additional 250,000 shares during the last quarter. Finally, Pura Vida Investments LLC bought a new position in Sesen Bio during the fourth quarter valued at approximately $284,000. 24.14% of the stock is owned by institutional investors.
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Sesen Bio Company Profile (NASDAQ:SESN)
Sesen Bio, Inc, a late-stage clinical company, develops next-generation antibody-drug conjugate therapies for patients with cancer. It develops its products based on its Targeted Protein Therapeutics (TPTs) platform. The company's lead product candidate is Vicinium, a fusion protein that is in Phase III clinical trial for the treatment of high-grade non-muscle invasive bladder cancer.
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