Shares of Sesen Bio, Inc. (NASDAQ:SESN) were down 7.5% during mid-day trading on Wednesday . The stock traded as low as $1.47 and last traded at $1.48. Approximately 5,132,227 shares traded hands during trading, an increase of 12% from the average daily volume of 4,580,216 shares. The stock had previously closed at $1.60.
Several equities research analysts have recently issued reports on SESN shares. Canaccord Genuity restated a “buy” rating and set a $5.00 price target on shares of Sesen Bio in a research note on Wednesday, October 7th. Zacks Investment Research upgraded shares of Sesen Bio from a “sell” rating to a “hold” rating in a research note on Saturday. Finally, ValuEngine lowered shares of Sesen Bio from a “buy” rating to a “hold” rating in a research note on Monday, December 21st.
The business’s 50-day moving average price is $1.44 and its 200 day moving average price is $1.15. The stock has a market capitalization of $191.42 million, a PE ratio of -3.89 and a beta of 1.08.
A number of institutional investors have recently bought and sold shares of the business. Morgan Stanley lifted its stake in Sesen Bio by 17,732.8% in the third quarter. Morgan Stanley now owns 1,303,758 shares of the company’s stock worth $1,826,000 after purchasing an additional 1,296,447 shares during the last quarter. Bridgeway Capital Management Inc. increased its position in shares of Sesen Bio by 121.5% during the second quarter. Bridgeway Capital Management Inc. now owns 923,500 shares of the company’s stock valued at $665,000 after buying an additional 506,500 shares during the period. Schonfeld Strategic Advisors LLC purchased a new position in shares of Sesen Bio during the third quarter valued at about $571,000. Squarepoint Ops LLC increased its position in shares of Sesen Bio by 1,550.3% during the third quarter. Squarepoint Ops LLC now owns 195,393 shares of the company’s stock valued at $274,000 after buying an additional 183,553 shares during the period. Finally, Jane Street Group LLC increased its position in shares of Sesen Bio by 525.0% during the third quarter. Jane Street Group LLC now owns 131,752 shares of the company’s stock valued at $184,000 after buying an additional 110,671 shares during the period. 16.04% of the stock is owned by institutional investors and hedge funds.
About Sesen Bio (NASDAQ:SESN)
Sesen Bio, Inc, a late-stage clinical company, focuses on designing, engineering, developing, and commercializing targeted fusion protein therapeutics (TFPTs) for the treatment patients with cancer. The company's lead product candidates include Vicinium, a locally-administered targeted fusion protein that is in phase 3 clinical trials for the treatment of high-risk non-muscle invasive bladder cancer (NMIBC); and VB6-845d, a systemically-administered product candidate for use in the treatment of various types of EpCAM-positive solid tumors.
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