Cellectar Biosciences Inc (NASDAQ: CLRB) is having an incredibly strong start to the trading session this morning, flying on high volume. The gains are coming for good reason. News broke this morning surrounding a designation the company received from the FDA for CLR-131. Of course, the news was positive, leading to excitement among investors and sending the stock screaming for the top. Today, we’ll talk about:
- The FDA designation;
- what we’re seeing from the stock as a result; and
- what we’ll be watching for with regard to CLRB ahead.
CLRB Heads For The Top On FDA News
As mentioned above, Cellectar Biosciences is having an incredibly strong start to the trading session this morning after the company announced that it has received news from the FDA. In a press release issued early this morning, the copany announced that the United States Food and Drug Administration (FDA) has granted Rare Pediatric Disease Designation (RPDD) to CLR-131. CLR-131 is a Phospholipid Drug Conjugate™ (PDC) product candidate designed by CLRB for the treatment of various cancers. This designation specifically surrounds the use of CLR-131 as a treatment of rhabdomyosarcoma, a rare pediatric cancer. In a statement, John Friend, M.D., CMO at CLRB, had the following to offer:
There is a critical need for new therapies in the fight against deadly diseases such as rhabdomyosarcoma and we continue to increase our focus on delivering innovative solutions to patients suffering from such rare cancers… The grant of a second RPDD represents an additional regulatory milestone for CLR 131 and we look forward to working with the FDA to advance development of CLR 131 as rapidly as possible, to fully evaluate its potential as a therapeutic option for rhabdomyosarcoma.
What We’re Seeing From The Stock
One of the first lessons that we learn when we start to dig into the market is that the news causes moves. In the case of Cellectar Biosciences, the news proved to be overwhelmingly positive. After all, Rare Pediatric Drug Designation will lead to further assistance from the FDA as well as a faster time to market should all go as planned. So, it’s no surprise that the news is leading to excitement among investors. Of course, our partners at Trade Ideas were the first to alert us to the gains. At the moment (9:32), CLRB is trading at $1.18 per share after a gain of $0.26 per share or 28.27% thus far today.
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What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will continue to keep a close eye on CLRB. In particular, we’re interested in following the continued development of CLR-131 across a wide range of indications. Nonetheless, we’ll continue to follow the story closely and bring the news to you as it breaks!
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