Sesen Bio (NASDAQ:SESN) Trading Down 6.3%

Sesen Bio Inc (NASDAQ:SESN)’s stock price traded down 6.3% on Friday . The company traded as low as $1.50 and last traded at $1.50. 2,340,583 shares were traded during trading, a decline of 12% from the average session volume of 2,652,809 shares. The stock had previously closed at $1.60.

A number of equities analysts have weighed in on the stock. HC Wainwright reiterated a “hold” rating and set a $1.00 target price on shares of Sesen Bio in a research report on Tuesday, May 14th. ValuEngine upgraded shares of Sesen Bio from a “sell” rating to a “hold” rating in a research report on Wednesday, May 22nd. Finally, Zacks Investment Research lowered shares of Sesen Bio from a “buy” rating to a “hold” rating in a research report on Saturday, May 18th. One analyst has rated the stock with a sell rating, one has given a hold rating and three have issued a buy rating to the stock. Sesen Bio presently has an average rating of “Hold” and an average target price of $2.50.

The firm has a fifty day moving average price of $1.78.

Sesen Bio (NASDAQ:SESN) last announced its quarterly earnings results on Monday, May 13th. The company reported ($0.08) earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of ($0.08). As a group, sell-side analysts expect that Sesen Bio Inc will post -0.33 EPS for the current fiscal year.

Institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. raised its stake in shares of Sesen Bio by 22.0% in the third quarter. Vanguard Group Inc. now owns 2,518,891 shares of the company’s stock valued at $5,415,000 after acquiring an additional 454,950 shares during the last quarter. Pura Vida Investments LLC bought a new position in shares of Sesen Bio in the fourth quarter valued at approximately $284,000. Two Sigma Investments LP bought a new position in shares of Sesen Bio in the fourth quarter valued at approximately $34,000. Jane Street Group LLC bought a new position in shares of Sesen Bio in the fourth quarter valued at approximately $41,000. Finally, Millennium Management LLC increased its holdings in shares of Sesen Bio by 32.5% in the fourth quarter. Millennium Management LLC now owns 1,099,897 shares of the company’s stock valued at $1,562,000 after purchasing an additional 269,863 shares in the last quarter. 24.14% of the stock is currently owned by hedge funds and other institutional investors.

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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