Canaccord Genuity Thinks Sesen Bio’s Stock is Going to Recover

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 Tuesday at $0.69, close to its 52-week low of $0.37.

According to TipRanks.com, Newman is a 5-star analyst with an average return of 14.5% and a 45.7% 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 Moderate Buy, with a price target consensus of $3.63, implying a 390.5% upside from current levels. In a report released today, H.C. Wainwright also reiterated a Buy rating on the stock with a $2.25 price target.

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The company has a one-year high of $2.60 and a one-year low of $0.37. Currently, Sesen Bio has an average volume of 1.14M.

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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.