Sesen Bio Inc (NASDAQ: SESN) is having a great start to the trading session this morning, and for good reason. The company announced its financial results for the third quarter and announced the upcoming data readout from a key clinical trial. As you could imagine, the news proved to be overwhelmingly exciting to investors, sending the stock on a run for the top. Today, we’ll talk about:
- The earnings and coming data readout;
- what we’re seeing from the stock; and
- what we’ll be watching for with regard to SESN ahead.
SESN Climbs On Earnings And Coming Data Readout
As mentioned above, Sesen Bio is having an incredibly strong start to the trading session this morning after the company provided a financial update and announced a coming data readout. In terms of the data, the company said that it is expecting to report six-month updated data from the VISTA trial in December of this year. It is also on track to report 12-month data in mid-2019. Here’s what we saw from the financial results:
- Cash – In terms of cash and cash equivalents, SESN is doing pretty well. At the end of the quarter, it had $57.9 million on hand. That’s strong growth from the $11.3 million the company had on hand at the end of the same quarter last year.
- Revenue – As a clinical-stage biotechnology company, there was no revenue generated in the third quarter.
- R&D – Research and development costs came to a total of $3.4 million, that compares well to the $3.6 million in R&D expenses in the same quarter last year.
- Loss – Finally, the company said it lost $14 million or $0.18 per share during the quarter. In the same quarter one year ago, the company lost $9.1 million or $0.37 per share.
In a statement, Dr. Thomas Cannell, President and CEO at SESN, had the following to offer:
2018 has been a year of focused execution for Sesen Bio, led by the advancement of the Phase 3 program for Vicinium for patients with NMIBC… NMIBC is a devastating disease and there remains just one recommendation for patients who do not respond or become refractory to today’s standard-of-care treatment: complete bladder removal. Our goal is to help save this essential organ and provide a meaningful treatment option for patients with BCG-unresponsive NMIBC. Our Phase 3 registration clinical trial is well-designed and preliminary data reported earlier this year suggest that Vicinium is active and has a favorable safety profile, consistent with our Phase 2 experience. We look forward to assessing six-month data from the trial next month and twelve-month data in mid-2019. If the VISTA Trial is successful, we believe Vicinium could change the treatment outlook for patients with NMIBC, bringing us closer to achieving our mission of saving and renewing the lives of patients with cancer.
What We’re Seeing From The Stock
One of the first lessons that we learn when we start to work in the market is that it’s important to keep a close eye on the news. After all, the news moves the market. In the case of Sesen Bio, the news proved to be positive. After all, the company’s finances are on solid ground with more than $50 million in the bank and there are a few key catalystic events ahead. So, it comes as no surprise to see that excited investors are pushing the stock toward the top in the market this morning. Of course, our partners at Trade Ideas were the first to alert us to the gains. Currently (10:07), SESN is trading at $1.68 per share after a gain of $0.14 per share or 9.08% thus far today!
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What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will continue to keep a close eye on SESN. In particular, we’re interested in following the story surrounding the company’s continued work to bring vicinum to market. Nonetheless, we’ll continue to follow the story closely and bring the news to you as it breaks!