Chief Financial Officer Forbes Monica sale 61,862 shares of Sesen Bio Inc. [SESN]

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The buying and selling of stock by a company’s insider give investors a sense that the stock will rise or fall in the future. Sesen Bio Inc. shares valued at $36,332 were sold by Forbes Monica on Feb 21. At $0.59 per share, Forbes Monica sold 61,862 shares. The insider’s holdings dropped to 480,388 shares worth approximately $0.28 million following the completion of this transaction.

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Also, Cannell Thomas R sold 53,727 shares, netting a total of over 31,554 in proceeds. Following the sale of shares at $0.59 each, the insider now holds 553,073 shares.

Before that, Sullivan Mark had sold 39,831 shares from its account. In a trade valued at $23,393, the General Counsel & Secretary traded Sesen Bio Inc. shares for $0.59 each. Upon closing the transaction, the insider’s holdings decreased to 39,831 shares, worth approximately $0.17 million.

As published in a research note from H.C. Wainwright on August 16, 2021, Sesen Bio Inc. [SESN] has been rated down from a Buy to a Neutral. Analysts at H.C. Wainwright upgraded the stock from ‘”a Neutral”‘ to ‘”a Buy”‘ outlook in a report released in mid June.

Analyzing SESN Stock Performance

On Thursday, Sesen Bio Inc. [NASDAQ: SESN] plunged -1.12% to $0.58. The stock’s lowest price that day was $0.58, but it reached a high of $0.6449 in the same session. During the last five days, there has been a drop of approximately -1.08%. Over the course of the year, Sesen Bio Inc. shares have dropped approximately -4.17%. Shares of the company reached a 52-week high of $0.6500 on 01/18/23 and a 52-week low of $0.5250 on 02/13/23. A 50-day SMA is recorded $0.5897, while a 200-day SMA reached $0.6113. Nevertheless, trading volume fell to 4.78 million shares from 0.8 million shares the previous day.

Support And Resistance Levels for Sesen Bio Inc. (SESN)

According to the 24-hour chart, there is a support level at 0.5600, which, if violated, would cause prices to drop to 0.5400. In the upper region, resistance lies at 0.6200. The next price resistance is at 0.6600. RSI (Relative Strength Index) is 48.48 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at -0.0016, which suggests the price will decrease in the coming days. Percent R is at 52.17%, indicating low price movement. Stochastics %K at holding indicates that the stock is to be held.

Is Sesen Bio Inc. subject to short interest?

Stocks of Sesen Bio Inc. saw a sharp rise in short interest on Jan 12, 2023 jumping by 0.31 million shares to 3.2 million. Data from Yahoo Finance shows that the short interest on Dec 14, 2022 was 2.89 million shares. A jump of 9.69% in short interest reflects a positive sentiment towards the stock. Despite the fact that short shares comprise just 2.51 of the overall float, the days-to-cover ratio (short ratio) jumped to 2.51.

Which companies own the most shares of Sesen Bio Inc. (SESN)?

According to The Vanguard Group, Inc. filings, the company currently owns 10,781,895 shares, which is about 5.32% of the total SESN shares outstanding. The investor’s shares have appreciated by 4,237 from its previous 13-F filing of 10777658.0 shares. BlackRock Fund Advisors reduced a -34.26% interest valued at $1.62 million while Geode Capital Management LLC purchased a 11,138 stake. A total of -179,654 shares of Sesen Bio Inc. were bought by Millennium Management LLC during the quarter, and -36,835 were sold by Renaissance Technologies LLC. In its current portfolio, SSgA Funds Management, Inc. holds 666,962 shares valued at $0.41 million.

In terms of Sesen Bio Inc. share price expectations, FactSet research, analysts set an average price target of $0.60 in the next 12 months, up nearly 1.69% from the previous closing price of $0.59. Analysts anticipate Sesen Bio Inc. stock to reach $0.60 by 2023, with the lowest price target being $0.60. In spite of this, 1 analysts ranked Sesen Bio Inc. stock as a Hold at the end of 2023.


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