Sesen Bio Received an Update from the FDA and Evoke Pharma Reported Great Earnings
Sesen Bio is a small cap biotechnology company located in Cambridge, Massachusetts, where there are many prestigious medical universities. They have a market cap of $413.566 million dollars, and they classify as a penny stock.
On Friday, the FDA decided that they couldn’t approve Sesen’s application for their drug Vicineum, which is a bladder cancer drug. Along with this, the FDA sent a recommendation letter for what needed to be fixed, which shocked investors. This was a key drug for the company’s future, so it wasn’t a surprise when its share price fell 82% to below a dollar, while also being halted for volatility. At the end of the day, Sesen closed at $2.11, a fraction of its share price on Thursday.
Evoke Pharma is a drug company that develops medicines for gastroenterological diseases. They are based in a suburb of San Diego, California, and they are a micro-cap company with a market capitalization of $43.378 million.
On Friday, Evoke announced their earnings for the quarter. They saw a net loss of 7 cents per share, which was an improvement from the previous quarter. Net sales also saw a jump as people were being prescribed their medications, and R&D costs saw a massive decrease due to the approval of their drug by the FDA. It was overall positive, and the same can be said about their stock price that day, with Evoke closing at 1.34 to end the day, up 19.64%.
I am not a financial advisor and my comments should never be taken as financial advice. Investments come with risk, so always do your research and analysis beforehand.