Why Sesen Bio Stock Got Slammed Today

Sesen Bio (NASDAQ: SESN) wasn't a very healthy stock on Thursday. The biotech, which concentrates on developing treatments for cancer, saw its share price dive by nearly 18% on the day. This followed an update on the company's only pipeline drug.

That drug is vicineum, for which Sesen Bio was seeking regulatory approval for the treatment of BCG-unresponsive non-muscle invasive bladder cancer (NMIBC). In August, the company's Biologics License Application (BLA) was rejected by the Food and Drug Administration (FDA). On Wednesday, the company held a Clinical Type A meeting with the regulator to determine a new path forward for vicineum.

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Source Fool.com