Sesen Bio downgraded to Neutral from Buy at H.C. Wainwright

H.C. Wainwright analyst Ramakanth downgraded Sesen Bio to Neutral and lowered his price target for the shares to $1 from $3. While the Phase 3 Vista results “appear decent in isolation,” the failure to improve on the Phase 2 results despite a more rigorous treatment schedule introduces additional uncertainties on the regulatory and commercial prospects of Vicinium, Ramakanth tells investors in a research note. The full Vista results are not expected until mid-2019, which could potentially render the stock range-bound until then, says the analyst.

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