Zacks Investment Research Downgrades Sesen Bio (SESN) to Hold

Sesen Bio (NASDAQ:SESN) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report issued on Thursday.

According to Zacks, “Sesen Bio Inc. is a late-stage company developing next-generation antibody-drug conjugate therapies for patients with cancer. The company’s product portfolio includes Vicinium(TM) which is in its clinical trial, treats high-grade non-muscle invasive bladder cancer. Sesen Bio Inc., formerly known as Eleven Biotherapeutics, is based in Massachusetts, United States. “

A number of other research firms also recently commented on SESN. Canaccord Genuity assumed coverage on shares of Sesen Bio in a research note on Monday, July 9th. They set a “buy” rating on the stock. Jefferies Financial Group assumed coverage on shares of Sesen Bio in a research note on Monday, July 23rd. They set a “buy” rating and a $4.00 price objective on the stock.

NASDAQ SESN opened at $1.71 on Thursday. Sesen Bio has a 12 month low of $0.62 and a 12 month high of $3.50. The firm has a market cap of $165.57 million, a price-to-earnings ratio of -1.54 and a beta of 2.60.

Sesen Bio (NASDAQ:SESN) last posted its quarterly earnings data on Tuesday, August 14th. The company reported ($0.16) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.13) by ($0.03). On average, equities research analysts predict that Sesen Bio will post -0.39 earnings per share for the current fiscal year.

Institutional investors have recently bought and sold shares of the company. Bank of New York Mellon Corp bought a new position in shares of Sesen Bio in the 2nd quarter worth about $147,000. MYDA Advisors LLC bought a new position in shares of Sesen Bio in the 2nd quarter worth about $195,000. DRW Securities LLC bought a new position in shares of Sesen Bio in the 2nd quarter worth about $293,000. Northern Trust Corp bought a new position in shares of Sesen Bio in the 2nd quarter worth about $315,000. Finally, AJ Wealth Strategies LLC bought a new position in shares of Sesen Bio in the 2nd quarter worth about $400,000. Institutional investors own 52.07% 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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