Cellectar Biosciences Inc (NASDAQ: CLRB)
Cellectar Biosciences is likely to have an incredibly strong day in the market today considering the gains we’re seeing in the pre-market. After releasing an update surrounding a Phase 1 clinical trial, the stock is soaring. Below, we’ll talk about what we’re seeing, why, and what we’ll be watching for with regard to CLRB ahead.
What We’re Seeing From CLRB
As mentioned above, Cellectar Biosciences is having an overwhelmingly strong time in the pre-market. After the company released an update with regard to a Phase 1 clinical trial it is working on, the stock started to skyrocket. At the moment (9:13), CLRB is trading at $2.60 per share after a gain of $0.46 per share or 21.50% thus far today.
Why The Stock Is Climbing
As is almost always the case, our partners at Trade Ideas were the first to inform us of the gains on CLRB. As soon as the CNA Finance team received the alert, we started digging to see why the stock was gaining. It didn’t take long to find the story. The gains are the result of a Phase 1 clinical trial update.
Early this morning, the company offered an update of its clinical study of CLR 131 in patients with relapsed or refractory multiple myeloma. This follows previously announced successful completion of the third cohort and initiation of Cohort 4 at a 31.25 mCi/m2 dose. In a statement Jim Caruso, President and CEO at Cellectar Biosciences had the following to offer…
“The clinical performance of CLR 131, particularly its safety, tolerability and survival benefits continues to exceed our expectations as we begin our fourth cohort with patients receiving a 25 percent dose increase from Cohort 3. This speaks favorably to the potential of the drug in a single or multi-dose regimen… Based on these results, we look forward to providing a full Cohort 3 data update and the imminent initiation of our Phase II clinical trial of CLR 131 in multiple myeloma and other blood cancers, as well as the exploration of additional clinical benefits provided by a second dose midway through the Phase II trial.”
What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will be keeping a close eye on CLRB. In particular, we’re watching details with regard to the company’s ongoing work on CLR 131. Nonetheless, we’ll continue to watch the story closely and update you as it breaks!
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