Canaccord Genuity Reaffirms Their Buy Rating on Sesen Bio (SESN)

By Carrie Williams

Canaccord Genuity analyst John Newman maintained a Buy rating on Sesen Bio (SESNResearch Report) yesterday and set a price target of $5.00. The company’s shares closed last Monday at $1.12.

According to TipRanks.com, Newman is a 5-star analyst with an average return of 20.6% and a 44.4% success rate. Newman covers the Healthcare sector, focusing on stocks such as Global Blood Therapeutics, Hutchison China MediTech, and Atara Biotherapeutics.

Sesen Bio has an analyst consensus of Strong Buy, with a price target consensus of $3.42.

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Based on Sesen Bio’s latest earnings release for the quarter ending June 30, the company reported a quarterly GAAP net loss of $26.34 million. In comparison, last year the company had a GAAP net loss of $54.34 million.

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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. The company was founded by Reza Dana, K. Christopher Garcia, Gregory L. Verdine, Casey T. Weaver and K. Dane Wittrup on February 25, 2008 and is headquartered in Cambridge, MA.