Sesen Bio Inc (NASDAQ:SESN) Short Interest Up 25.2% in September

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.

Sesen Bio (NASDAQ:SESN) last posted its earnings results on Monday, August 10th. The company reported ($0.24) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.09) by ($0.15). Research analysts forecast that Sesen Bio will post -0.05 earnings per share for the current fiscal year.

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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