The late stage clinical firm Sesen Bio Inc (NASDAQ:SESN) is best known for its work related to the development of targeted fusion protein therapies that are meant for treating cancers. It is, without a doubt, an innovative company, but over the course of the past week the Sesen Bio stock has performed poorly and tanked by as much as 10%.
On Tuesday, SESN stock went down 1.87% at $1.05 with more than 3.72 million, compared to its average volume of 17.62 million shares. The stock has moved within a range of $1.0300 – 1.0900 after opening trading at $1.07.
Sesen Bio Director Jane Pritchett Henderson Transitions to CEO Advisor Role
In this situation, it is perhaps time for investors to reflect whether the fall could be a buying opportunity or not. As it happens, the company was in the news on Tuesday after it announced that Jane Pritchett Henderson has moved one from the Board of Directors at Sesen Bio to a Chief Executive Officer Advisor role.
Henderson had been a member of the board of directors and had also been the chair of the Audit Committee of the Sesen Bio board. The company noted that she moved on from her position on the board in order to have a better chance of looking after her responsibilities that exist outside of Sesen Bio. At this point in time, she is a director at two other companies and is also employed as the Chief Financial Officer at Adagio Therapeutics.
“On behalf of the entire Board, I would like to thank Jane for her numerous contributions over her long tenure on Sesen Bio’s Board,” said Dr. Thomas Cannell, president and chief executive officer of Sesen Bio. “Jane’s extensive expertise in building and leading financial organizations and in corporate and business development has been instrumental to our growth. As we look ahead, I am grateful that she will continue to serve in an advisory role, and I am confident that Sesen Bio will continue to benefit from her invaluable advice, insights and knowledge for years to come.”
SESN stock is trading below the 20-Day and 200-Day Moving averages of $1.12 and $2.24 respectively. However, the stock is trading above the 50-Day moving average of $1.01. The stock is down 9% in the past month.