Sphera Funds Management LTD. decreased its holdings in Sesen Bio Inc (NASDAQ:SESN) by 73.5% during the 3rd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 630,000 shares of the company’s stock after selling 1,747,068 shares during the quarter. Sphera Funds Management LTD. owned 0.82% of Sesen Bio worth $1,355,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also made changes to their positions in the stock. Hikari Power Ltd bought a new position in Sesen Bio in the 3rd quarter valued at about $141,000. BlackRock Inc. lifted its position in Sesen Bio by 5.2% in the 3rd quarter. BlackRock Inc. now owns 1,408,316 shares of the company’s stock valued at $3,027,000 after acquiring an additional 69,423 shares in the last quarter. Bank of New York Mellon Corp bought a new position in Sesen Bio in the 2nd quarter valued at about $147,000. MYDA Advisors LLC bought a new position in Sesen Bio in the 2nd quarter valued at about $195,000. Finally, Bridgeway Capital Management Inc. bought a new position in Sesen Bio in the 3rd quarter valued at about $215,000. 48.17% of the stock is currently owned by institutional investors and hedge funds.
Sesen Bio stock opened at $1.55 on Friday. Sesen Bio Inc has a 52 week low of $0.64 and a 52 week high of $3.50. The company has a market cap of $123.93 million, a price-to-earnings ratio of -1.40 and a beta of 2.90.
Sesen Bio (NASDAQ:SESN) last posted its earnings results on Thursday, November 8th. The company reported ($0.18) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.10) by ($0.08). On average, sell-side analysts forecast that Sesen Bio Inc will post -0.54 earnings per share for the current year.
Several equities analysts recently weighed in on the stock. HC Wainwright set a $3.00 price target on shares of Sesen Bio and gave the company a “buy” rating in a research report on Wednesday, November 28th. Zacks Investment Research cut shares of Sesen Bio from a “hold” rating to a “sell” rating in a research report on Friday, November 16th. Finally, ValuEngine raised shares of Sesen Bio from a “hold” rating to a “buy” rating in a research report on Wednesday, November 7th. One investment analyst has rated the stock with a sell rating and four have given a buy rating to the company. The stock presently has an average rating of “Buy” and a consensus target price of $3.00.
Sesen Bio Company Profile
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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