It's tough when any onetime highflier falls precipitously from its height. Such was the case with ambitious biotech Sesen Bio (NASDAQ: SESN) , which saw its share price decline by a queasy 42% on Monday following continued fallout from a very discouraging communication from the FDA.
A few hours short of market close on Friday, Sesen Bio announced that it received a Complete Response Letter from the healthcare regulator about its leading drug candidate, Vicineum. The FDA was the bearer of bad news, informing that company that it could not approve Vicineum "in its present form."
Image source: Getty Images.
For further details see:
Why Sesen Bio Stock Fell off a Cliff Monday