In a report released today, Swayampakula Ramakanth from H.C. Wainwright reiterated a Buy rating on Sesen Bio Inc (SESN), with a price target of $2.25. The company’s shares closed on Friday at $1.19.
Ramakanth wrote:
“We have updated our financial model for the reported financial results. For 2019, we now project no revenues and a net loss of $0.83 per share. The company reported cash and cash equivalents of $65M at the end of 2Q19, which we believe is sufficient to fund operations through 2020. Due to the dilution from the 20.4M shares and 20.4M warrants from the June public offering, we are lowering our 12-month price target to $2.25, down from $3.00 previously.”
According to TipRanks.com, Ramakanth has 0 stars on 0-5 star ranking scale with an average return of -11.9% and a 28.2% success rate. Ramakanth covers the Healthcare sector, focusing on stocks such as Zomedica Pharmaceuticals Corp, IntelGenx Technologies, and Gritstone Oncology Inc.
Sesen Bio Inc has an analyst consensus of Moderate Buy, with a price target consensus of $2.25.
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The company has a one-year high of $2.60 and a one-year low of $0.66. Currently, Sesen Bio Inc has an average volume of 3.3M.
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Sesen Bio, Inc. engages in designing, engineering, and developing of targeted protein therapeutics. It offers the Vicinium and Proxinium which target tumor cell surface antigens that allow for rapid internalization into the targeted cancer cell and also have limited expression on normal cells.
