Sesen Bio (SESN) Sees Unusually-High Trading Volume

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Sesen Bio Inc (NASDAQ:SESN) shares saw unusually-high trading volume on Tuesday . Approximately 26,348,058 shares changed hands during mid-day trading, an increase of 1,098% from the previous session’s volume of 2,199,623 shares.The stock last traded at $1.97 and had previously closed at $1.75.

SESN has been the topic of a number of research reports. Zacks Investment Research raised shares of Sesen Bio from a “hold” rating to a “buy” rating and set a $1.50 price objective on the stock in a research note on Friday, May 17th. HC Wainwright set a $1.00 price objective on shares of Sesen Bio and gave the company a “hold” rating in a research note on Tuesday, March 5th. Jefferies Financial Group reissued a “buy” rating and issued a $3.00 price objective on shares of Sesen Bio in a research note on Wednesday, February 6th. Finally, ValuEngine cut shares of Sesen Bio from a “hold” rating to a “sell” rating in a research note on Wednesday, May 1st. Three research analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average target price of $1.83.

The company has a market capitalization of $152.61 million, a PE ratio of -3.73 and a beta of 2.05.

Sesen Bio (NASDAQ:SESN) last released its quarterly earnings results on Monday, May 13th. The company reported ($0.08) earnings per share (EPS) for the quarter, hitting the Thomson Reuters’ consensus estimate of ($0.08). As a group, equities research analysts forecast that Sesen Bio Inc will post -0.31 EPS for the current fiscal year.

Several institutional investors have recently added to or reduced their stakes in the business. BlueCrest Capital Management Ltd acquired a new stake in shares of Sesen Bio during the first quarter worth about $129,000. Castle Hook Partners LP raised its position in shares of Sesen Bio by 24.7% during the first quarter. Castle Hook Partners LP now owns 1,262,924 shares of the company’s stock worth $1,301,000 after purchasing an additional 250,000 shares during the period. Charles Schwab Investment Management Inc. acquired a new stake in shares of Sesen Bio during the first quarter worth about $50,000. Private Advisor Group LLC acquired a new stake in shares of Sesen Bio during the first quarter worth about $60,000. Finally, Front Street Capital Management Inc. raised its position in shares of Sesen Bio by 34.4% during the first quarter. Front Street Capital Management Inc. now owns 43,000 shares of the company’s stock worth $44,000 after purchasing an additional 11,000 shares during the period. 38.03% of the stock is currently owned by institutional investors.

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About Sesen Bio (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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