HomeTop MoversWhy did Sesen Bio Inc (SESN) stock soar on Wednesday?

Why did Sesen Bio Inc (SESN) stock soar on Wednesday?

Sesen Bio Inc. (SESN) shares gained 5.71% in after-hours on Wednesday, October 13, 2021, and closed the daily trading at $1.11. Even in the regular trading session, SESN’s stock gained 26.90% to close Wednesday’s session at $1.05. SESN shares have fallen 15.32% over the last 12 months, and they have moved up 44.23% in the past week. Over the past three months, the stock has lost 71.39%, while over the past six months, it has declined 54.74%.

Let’s see what are the latest news about the company?


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SESN update about CMC &Clinical teams

On Oct. 12, 2021– Sesen Bio (SESN), expanded its chemistry, manufacturing, and control (CMC) and clinical development teams with the hiring of Eun Jang as Senior Director, Analytical Sciences, and Chèrie Kaefring as Director, Clinical Operations.

SESN received CLA from FDA for Vicineum™

On August 13, 2021– Sesen Bio (SESN) received a Complete Response Letter (CRL) from the U.S. Food and Drug Administration (FDA) regarding its Biologics License Application (BLA) for Vicineum™ (oportuzumab monatox-qqrs) for the treatment of BCG-unresponsive non-muscle invasive bladder cancer (NMIBC).

The FDA refused to approve the BLA for Vicineum in its present form and has provided recommendations specific to additional clinical/statistical data and analyses in addition to Chemistry, Manufacturing and Controls (CMC) issues about a recent pre-approval inspection and product quality.

SESN Corporate updates

On August 11, 2021, Sesen Bio (SESN), expanded its executive leadership team with the hiring of John Knighton as Vice President and Chief Compliance Officer, effective August 16, 2021.

Mr Knighton has over 20 years of legal and compliance experience in the life sciences industry, serving in multiple executive roles at innovative pharmaceutical and medical device companies transitioning from clinical-stage to commercialization.

SESN recent financial results

On August 9, 2021, Sesen Bio (SESN), reported financial results for the second quarter ended June 30, 2021.

Q2 2021 financial highlights

  • SESN earned License and related revenue of $2.24 million in Q2 2021 compared to zero revenue in Q2 2020.
  • Research and development expenses were $7.2 million in Q2 2021 compared to $4.6 million in Q2 2020.
  • General and administrative expenses were $6.8 million in Q2 2021 compared to $3.3 million for the same period in 2020.
  • It suffered a net loss of $25.4 million, or $0.15 per share in Q2 2021 compared to a net loss of $26.3 million, or $0.24 per share in Q2 2020.
  • As of June 30, 2021, the company had cash, cash equivalents, and restricted cash of $151.1 million, compared to $55.4 million as of December 31, 2020.

Conclusion

Well, as of this writing there is no positive news which could be linked with its exceptional gains on Wednesday. we are unable to predict how it will perform on Thursday.

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