Cellectar Biosciences Inc (NASDAQ:CLRB)
Cellectar Biosciences Inc (NASDAQ:CLRB) stock was up over 20% in early trading after the clinical-stage, oncology-focused, biotech company announced its lead PDC compound, CLR 131 has achieved a median 22.5 month survival rate, to date, after a single dose infusion of 12.5mCi/m2 in patients with multiple myeloma. The Madison, WI-based company closed Monday’s trading at $1.58, then gapped up to open at $1.95 before settling back into trading around $1.88 as of 9:50AM EST. Volume for the biotech stock has increased massively if today’s trend holds. Normally thinly traded, CLRB has a listed average volume figure of 92,000. However by 10AM EST over 3.7 million shares of the company had exchanged hands. One month price chart for Cellectar stock:
Cellectar Biosciences Inc (NASDAQ:CLRB), formerly known as Novelos Therapeutics, Inc., develops targeted phospholipid drug conjugates (PDCs) for cancer treatment and imaging. Cellectar’s lead product candidate is CLR 131. CLR 131 is being developed for the treatment of relapse or refractory multiple myeloma and is currently in Phase 1 trials (described above). CLR 131 is also in Phase II clinical trials for the treatment of B-cell malignancies. Cellectar is also developing CLR 125 and CLR 124 – both candidates for cancer treatments in different indications. Lastly, the company is developing CLR 1601-PTX, CLR 1602-PTX, and CLR 1603-PTX – all in pre-clinical research for the treatment of chemotherapy.
YTD, Cellectar Biosciences Inc (NASDAQ:CLRB) stock is up over 30% but is down for the year by over 35%. Shareholders have been experiencing losses annually but the losses have been shrinking year-on-year. In 2012, the per share loss was (-$45.43). That loss contracted every year and in 2016 the per share loss was just (-$1.36). However, in 2016 the company massively diluted its shareholders. In 2015 780,000 shares were outstanding. In 2016 that number grew to 4.54 million. Analysts have a consensus price target on CLRB of $3.10.
I have no positions in any of the stocks mentioned, and have no plans to initiate any positions within the next 72 hours. All information, including any data, is provided without any guarantees of accuracy.
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About the author: Monica has an undergraduate degree in Accounting and an MBA she earned – with Honors. She has six years of experience in the financial markets and has been an analyst for the past two years.