Cellectar Biosciences Inc (NASDAQ: CLRB) is having an incredibly strong start to the trading session this morning, and for good reason. The company provided an update with regard to its lead candidate, CLR 131. Of course, the update excited investors, pushing the stock up. Today, we’ll talk about:
- The CLR 131 update;
- what we’re seeing from CLRB stock as a result; and
- what we’ll be watching for ahead.
CLRB Announces CLR 131 Update
As mentioned above, Cellectar Biosciences is having a great day in the market today after announcing a positive update with regard to its lead candidate, CLR 131. The announcement came via press release early this morning.
In the release, the company provided initial results from Cohort 6 in its ongoing Phase 1 clinical trial of CLR 131 in Relapsed or Refractory Multiple Myeloma. CLRB said that the 37.5mCi/m2 fractional dose proved to be safe and tolerable according to a determination by the independent Data Monitoring Committee. As a result, the company has initiated Cohort 7, increasing the fractionated dose to 40mCi/m2.
Most importantly, data from Cohort 6 proved to be impressive. The higher dose led to improved efficacy, including a 50% partial response rate, a 50% minimal response rate, and a 100% disease control rate.
In a statement, James Caruso, President and CEO at CLRB, had the following to offer:
We are very pleased to see continued positive safety and tolerability data in addition to enhanced efficacy from our ongoing Phase 1 dose escalation study for CLR 131.
We are observing a clear dose response with greater and more prolonged median reductions in surrogate efficacy markers throughout the study safety evaluation period as compared to prior cohorts, along with an improved overall drug profile with our fractionated dosing regimen. The Data Monitoring Committee unanimously agreed the study should progress to a Cohort 7 with a higher 40mCi/m2 fractionated dose. This cohort has been initiated with data expected in Q4 2019.
What We’re Seeing From The Stock
One of the first lessons that we learn when we start to work in the market is that it’s important to follow the news closely. After all, the news moves the market. In the case, of Cellectar Biosciences, the news proved to be overwhelmingly positive.
The strong data not only allows the company to move forward with the next cohort in the trial, bringing the company one step further down the path of development. So, it’s not surprising to see that excited investors are pushing the stock for the top.
As is just about always the case, our partners at Trade Ideas were the first to alert us to the gains. Currently (8:54), CLRB is trading at $2.40 per share after a gain of $0.12 per share or 5.26% 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 development of CLR 131 as the treatment is leading to promising data. Nonetheless, we’ll keep a close eye on the story and bring the news to you as it breaks!
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