Cellectar Biosciences Inc (NASDAQ: CLRB) is a stock that I’ve been hammering home for the past several sessions as I saw an opportunity on the horizons. Well, for those that get in within the next few minutes, that opportunity is going to get very real, very quickly. As I pointed out in previous posts, we’ve been waiting for updated clinical data, and that update just broke minutes ago. Today, we’ll talk about:
- The clinical update;
- what we’re seeing from CLRB stock as a result; and
- what we’ll be watching for ahead.
CLRB Announces Clinical Update
As mentioned above, Cellectar Biosciences released a key clinical update this morning. In a press release issued minutes ago, the company updated interim overall survival data from its ongoing Phase 1b clinical trial. The trial is evaluating CLR 131 as a treatment option for relapsed or refractory multiple myeloma.
In the release, CLRB said that current data show that overall survival is at 19.4 months. However, the company continues to monitor these patients and the OS is likely to extend from this point. The company also pointed out that all 15 patients in the trial were heavily pretreated, receiving an average of 5 previous lines of multidrug therapy.
In a statement, James Caruso, President and CEO at CLRB, had the following to offer:
We are extremely pleased to announce that CLR 131 has achieved OS of 19.4 months in our Phase 1b trial in R/R MM. We view this outcome as impressive considering all patients were heavily pretreated and presented with high tumor burden… Most drugs currently approved for third-line or later R/R MM average approximately 12 months of survival, including several recent approvals. We believe extending OS to beyond 19 months with a more patient-friendly dosing regimen provides both a unique product profile and potential for beneficial patient outcomes.
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 leads to moves. In the case of Cellectar Biosciences, the news proved to be overwhelmingly positive. Overall survival rate improvements in this hard to treat disease are going to excite investors, and that’s exactly what happened. So, it’s no surprise to see that the stock is making a run for the top in the market today. At the moment (8:03), CLRB is trading at $3.49 per share after a gain of $0.20 per share or 6.08% 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 story surrounding the company’s work to bring CLR 131 to market as the treatment is yielding incredible results. Nonetheless, we’ll continue to follow the story closely and bring the news to you as it breaks!
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