How Far Will It Go? Sesen Bio Inc (NASDAQ:SESN)

Sesen Bio Inc (NASDAQ:SESN) stock continues to move up in Wednesday’s trading session. SESN is about to hit a descending trend line along the highs, but if it can clear the 2.90 area, there could be some upside ahead.

Market Action

As of 12:09, SESN stock has gained 4% to  $2.76. Total traded volume was 3.20 million shares, compared to its average volume of 5.60 million shares. The stock has moved in range of $0.0031 – 0.0058 after opening at $0.0038.

SESN Issued News Last Week

Sesen Bio Reports First Quarter 2021 Financial Results and Commercial Launch Readiness Update in the US for Vicineum™

• Cash, cash equivalents and restricted cash were $110 million as of March 31, 2021, compared to $55.4 million as of December 31, 2020.
• Net loss was $55.5 million, or $0.35 per share, for the first quarter of 2021, compared to net income of $41.6 million, or $0.31 per basic share and $0.31 per diluted share, for the first quarter of 2020.
• Research and development expenses for the first quarter of 2021 were $6.1 million compared to $8.9 million for the same period in 2020. The decrease of $2.8 million was due to decreased costs associated with technology transfer and manufacturing ($4.4 million) and lower clinical trial expense as a result of the Company’s Phase 3 VISTA trial winding down ($0.1 million).
• The Company continues to build its commercial organization with key leadership appointments and a partnership with a leading contract sales organization (CSO), Syneos Health, as it prepares for the anticipated commercial launch of Vicineum in the US in 3Q 2021.

“We are very pleased with the tremendous progress we continue to make in our four biggest global markets: the US, Europe, the Middle East and North Africa region and China,” said Dr. Thomas Cannell, president and chief executive officer of Sesen Bio. “In the US, we continue to work with the FDA as we approach our target PDUFA date, and we are making substantial progress toward launch readiness. We are laser focused on bringing a product to market that we believe will improve patient outcomes while reducing overall healthcare costs to patients globally, and we expect to continue to make progress around the world in the coming months.”