By Josh Beckerman

Sesen Bio Inc. shares were recently down 35% to $1.37, following a 57% decline on Friday when the company received a rejection letter from the U.S. Food and Drug Administration for its Biologics License Application for lead product candidate Vicineum.

On Monday, HC Wainwright downgraded Sesen to neutral from buy.

Vicineum is being developed for the treatment of BCG-unresponsive non-muscle invasive bladder cancer.

Sesen shares were below $1.50 at the beginning of the year. In recent months, Sesen said it remained on track for potential FDA approval in August.

Write to Josh Beckerman at josh.beckerman@wsj.com

(END) Dow Jones Newswires

August 16, 2021 12:52 ET (16:52 GMT)

Copyright (c) 2021 Dow Jones & Company, Inc.
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