Sesen Bio, Inc (SESN) PT Raised to Street High $8 at H.C. Wainwright After Priority Review Acceptance

H.C. Wainwright analyst Swayampakula Ramakanth raised the price target on Sesen Bio, Inc (NASDAQ: SESN) to the Street High $8.00 (from $2.25) after the company announced that the FDA has accepted the BLA for Vicineum for the treatment of high-risk, BCG-unresponsive non-muscle invasive bladder cancer (NMIBC) with a Priority Review, and assigned a PDUFA date of August 18th.

The analyst reiterated a Buy rating, stating "In light of the potential Vicineum U.S. launch in 4Q21 as well as updated timeline on the EU regulatory pathway, we have made the following changes to our financial model: (1) a slight delay of Vicineum U.S. launch into 4Q21, from previously projected 3Q21; and (2) accelerated potential Vicineum EU launch into 4Q22, from previously projected 4Q23. Additionally, we are increasing our pricing assumption for Vicineum to $50,000 and $25,000, from previously assumed $20,000 and $10,000 per patient per year in the U.S. and EU, respectively, which we believe are still relatively conservative compared to a benchmark U.S. pricing of checkpoint inhibitors at $100,000 per patient per year. As a result, we are raising our price target to $8.00 from $2.25."

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