One day has made a huge difference for the stock of Sesen Bio (NASDAQ:SESN). On Tuesday, the shares blasted almost 24% higher (albeit from a low base of $1.22 per share), a day after cratering by 42%. What in the world is going on with this volatile stock?
Monday’s steep dive was due to the Food and Drug Administration, which told Sesen Bio that it would not be approving the company’s Biologics License Application (BLA) for bladder cancer drug Vicineum. The stock sell-off made perfect sense, considering that Vicineum is part of every Sesen Bio pipeline program, either alone or as part of combination therapy.