Sesen Bio Inc. (SESN) stock is falling in current market, Why is this happening?

At last check in current trading, shares of Sesen Bio Inc. (SESN) were down -3.37% at $2.44. SESN’s stock closed the last session at $2.52, having no variation in change. SESN Shares also fluctuated between $2.43 and $2.63 throughout the day.


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In the past 12 months, the company’s stock has advanced 364.69%, and in the last one week, the stock has moved down -7.01%. For the last six months, the stock has gained a total of 86.67%, and over the last three months, the stock has increased by 68.00%. The stock has returned 86.67% so far this year.

Sesen Bio Inc. (NASDAQ: SESN), a late-stage clinical company manufacturing precise fusion protein therapeutics, has announced that two independent proxy advisory firms have both advised that shareholders to vote ‘FOR’ for the increment of common stocks to 200M. Dr. Thomas Cannell, CEO of Sesen Bio will also be representing the company in “Horizons in Oncology” Virtual Conference. SESN stock has seen a decline of 7.01% following the news.

About Sesen Bio

Sesen Bio, Inc that provides targeted protein therapeutics (TPT) platform for treatments of patients with cancer. SESN major program VB4-845, commonly known as Vicineumis, is presently in stage 3 for the treatment of BCG-unresponsive non-muscle invasive bladder cancer (NMIBC).

The Food and Drug Administration accepted for filing the Company’s Biologics License Application (BLA)for Vicineum for the treatment of BCG-unresponsive NMIBC.

Additionally, the expected rise in the number of authorized shares of common stock will not affect the number of shares outstanding, hence the shareholders will not be diluted. Sesen Bio also aims to achieve corporate profitability through this and expects to release no more additional shares in the future.

Conclusion

SESN focuses on developing TPT for diseases such as Cancer.  A 364% surge over the past 12 months has profited the shareholders immensely however many investors are skeptical about the sustainability of the increase after increasing the number of common stock by 200M, dropping the share price significantly.

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