Cellectar Biosciences Inc (NASDAQ: CLRB) has had an incredible run in the market over the past several trading sessions, capping of the gains with yesterday’s close over 24% higher than the close on Tuesday. Nonetheless, if you think you’ve missed the boat, think again. Today, we’ll talk about:
- Why the stock is running and why it will go higher;
- what we’re seeing from CLRB today; and
- what we’ll be watching for ahead.
Why CLRB Gains Aren’t Over
As mentioned above, Cellectar Biosciences is in the midst of a bullish run. The gains are for good reason. The company recently announced news of an Orphan Drug Designation granted by the FDA for CLR 131 as a treatment for pediatric osteosarcoma. Nonetheless, I don’t believe that this is the only positive catalyst we’re going to see in the very near term.
There are two big reasons why I believe that the stock will continue to run. The first is a Phase 2 clinical study of CLR 131 as a treatment for multiple myeloma. At the moment, it is expected that the study will come to an end this month, and I believe it has already ended based on the timing. That means that a data readout is coming soon, which could happen by the end of this week or early next week. With positive data likely on the horizons, the CLRB grow legs.
Another factor here is the import alert placed on the sole supplier of CLR 131. The good news is that we have learned that the alert had nothing to do with CLR 131 or the manufacturing facility where it is made. So, I’m expecting that the FDA will give CLR 131 an exemption in the import alert, giving investors another reason to chear relatively soon. So, if you feel like you’ve missed the CLRB boat, don’t feel bad, chances are that you didn’t!
What We’re Seeing From The Stock
Although the stock is up slightly this morning, it’s nothing like the gains seen yesterday. Nonetheless, it is moving up slightly. At the moment (7:59), CLRB is trading at $3.37 per share after a gain of $0.02 per share or 0.6% 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 Phase 2 clinical study that is likely to lead to data soon as well as the compay’s appeal to the FDA for an exemption in the import alert. Nonetheless, we’ll continue to follow the story closely and bring the news to you as it breaks!
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