Sesen Bio Inc (NASDAQ:SESN) saw a large growth in short interest during the month of September. As of September 30th, there was short interest totalling 1,590,000 shares, a growth of 25.2% from the September 15th total of 1,270,000 shares. Based on an average daily volume of 2,410,000 shares, the days-to-cover ratio is currently 0.7 days.
SESN has been the topic of several research analyst reports. Canaccord Genuity restated a “buy” rating and set a $5.00 target price on shares of Sesen Bio in a research note on Wednesday, October 7th. Zacks Investment Research upgraded shares of Sesen Bio from a “hold” rating to a “buy” rating and set a $0.75 target price on the stock in a research note on Thursday, July 2nd.
SESN opened at $1.13 on Friday. The stock has a market capitalization of $132.40 million, a P/E ratio of -2.97 and a beta of 1.36. The company’s 50-day simple moving average is $1.17 and its two-hundred day simple moving average is $0.86. Sesen Bio has a 52-week low of $0.37 and a 52-week high of $1.54.
Several large investors have recently modified their holdings of the company. Bridgeway Capital Management Inc. lifted its stake in shares of Sesen Bio by 121.5% in the 2nd quarter. Bridgeway Capital Management Inc. now owns 923,500 shares of the company’s stock worth $665,000 after purchasing an additional 506,500 shares during the period. Stratos Wealth Partners LTD. bought a new position in shares of Sesen Bio in the 2nd quarter worth approximately $145,000. Virtu Financial LLC bought a new position in shares of Sesen Bio in the 2nd quarter worth approximately $45,000. Finally, Two Sigma Advisers LP lifted its stake in shares of Sesen Bio by 29.3% in the 2nd quarter. Two Sigma Advisers LP now owns 46,318 shares of the company’s stock worth $33,000 after purchasing an additional 10,500 shares during the period. Hedge funds and other institutional investors own 16.04% of the company’s stock.
About Sesen Bio
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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