Sesen Bio (SESN), formerly known as Eleven Biotherapeutics, is developing next-generation antibody-drug conjugate therapies based on Targeted Protein Therapeutics platform for the treatment of patients with cancer. The stock jumped ~26.1% to $2.27 yesterday.
The above chart shows analysts’ recommendations for Sesen Bio over the last three months. The stock price has increased ~37.6% in last three trading sessions. It has increased by ~68.8% over the last 12 months and 201.8% year-to-date.
On May 30, Sesen Bio announced the pricing of the underwritten public offering of ~22.2 million shares of its common stock at $1.80 per share, the closing price on May 30. The expected gross proceeds are ~$40 million.
Sesen Bio has also granted underwriters an option to purchase ~3.3 million shares at a public offering price of $1.80 per share, excluding the underwriting discounts and commissions within 30 days. Sesen Bio is expected to close the offering on June 4, subject to conditions.
The company is planning to use the proceeds for:
- the clinical development of Vicinium, a drug for the treatment of non–muscle-invasive bladder cancer
- the development of commercial-scale manufacturing facilities for Vicinium through a third-party contract manufacturer
- working capital requirements, capital expenditure, and other general corporate expenses
As of June 1, two analysts are tracking Sesen Bio stock. Both recommend a “buy,” and the consensus rating stands at 2, representing a “strong buy” for long-term growth investors. Analysts expect 153.3% growth in Sesen Bio stock over the next 12 months to a target price of $5.75 per share.