FDA Denies Approval Of BLA; Sesen Bio Intraday Shares Declines Over 57%
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On Friday, shares of Sesen Bio ( SESN)

[Sesen Bio, Inc. $SESN: $2.11(-57.03%) ](https://quantale.io/dashboard/details/SESN), a late-stage clinical company developing antibody drugs for the treatment of cancer, plummeted over 80% in the late afternoon during the normal trading hours. 

The company announced that the U.S. Food and Drug Administration (FDA) did not approve Biologics License Application (BLA) for Vicineum, its bladder cancer treatment medicine.

The impact of this news could only be observed on the pricing of the stock. On the dashboard of quantale.io, a fall of around 92% could be seen in the social engagement, in contradiction to the trading volume that increased by 285.76%. The stock closed for $2.11, declining a whopping 57.03% intraday. This shows signs of panic selling by the investors.

The FDA said that it does not approve the BLA for Vicineum in its present form. It also provided recommendations for supplementary “clinical/statistical data and analyses, Chemistry, Manufacturing, and Controls (CMC) issues related to a recent pre-approval inspection and product quality”.
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