Sesen Bio Inc (NASDAQ:SESN) saw unusually-high trading volume on Thursday . Approximately 5,161,678 shares changed hands during trading, an increase of 141% from the previous session’s volume of 2,142,549 shares.The stock last traded at $1.86 and had previously closed at $1.54.
SESN has been the topic of several analyst reports. Jefferies Financial Group initiated coverage on Sesen Bio in a research report on Monday, July 23rd. They set a “buy” rating and a $4.00 target price on the stock. Zacks Investment Research downgraded Sesen Bio from a “buy” rating to a “hold” rating in a research report on Wednesday, July 25th. Finally, ValuEngine upgraded Sesen Bio from a “hold” rating to a “buy” rating in a research report on Wednesday. Two equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. The stock has an average rating of “Buy” and an average price target of $3.17.
The stock has a market cap of $120.14 million, a price-to-earnings ratio of -1.65 and a beta of 2.88.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Hikari Power Ltd purchased a new position in Sesen Bio during the third quarter valued at $141,000. Bank of New York Mellon Corp purchased a new position in shares of Sesen Bio in the second quarter valued at about $147,000. MYDA Advisors LLC purchased a new position in shares of Sesen Bio in the second quarter valued at about $195,000. DRW Securities LLC purchased a new position in shares of Sesen Bio in the second quarter valued at about $293,000. Finally, Northern Trust Corp purchased a new position in shares of Sesen Bio in the second quarter valued at about $315,000. Institutional investors own 52.09% of the company’s stock.
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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