Cellectar Biosciences, Inc. (NASDAQ:CLRB) stock has reached a 52-week low, touching down at $1.38. The micro-cap biotech company, currently valued at $57.37 million, maintains a healthy balance sheet with more cash than debt and a current ratio of 1.77, according to InvestingPro data. This latest price point reflects a significant downturn for the biopharmaceutical company, which has seen a 1-year change with a decrease of 45.1%. Technical indicators from InvestingPro suggest the stock is in oversold territory, while analyst price targets range from $7 to $21, indicating potential upside. Investors are closely monitoring the company's performance, as reaching a 52-week low often prompts a critical review of the company's strategy and market position. The substantial decline over the past year has raised concerns among shareholders about the company's future prospects and the potential for recovery. For deeper insights into CLRB's valuation and growth prospects, access the comprehensive Pro Research Report, available exclusively on InvestingPro.
In other recent news, Cellectar Biosciences reported its third-quarter financials, revealing new data on its Iopofosine I131 treatment for Waldenstrom's macroglobulinemia (WM) would be presented at the American Society of Hematology meeting. Following this, Oppenheimer adjusted its stock price target for Cellectar Biosciences to $12.00 while maintaining an Outperform rating. The company also discussed ongoing conversations with the FDA about a likely required confirmatory trial, pushing back the New Drug Application (NDA) filing to the end of the first quarter of 2025.
In response to an omission in its Annual Report, Cellectar Biosciences filed a corrected consent with the Securities and Exchange Commission, without altering any previously reported financial results. The company also secured a 10-year supply of actinium-225 from NorthStar Medical (TASE:PMCN) Radioisotopes, vital for its CLR 121225 development program, which is expected to progress into clinical trials in 2025.
Cellectar Biosciences is preparing a New Drug Application for its primary drug candidate, iopofosine I 131, anticipated in the fourth quarter of 2024. The drug has demonstrated an 80% overall response rate and a 98.2% clinical benefit rate in a pivotal trial for treating Waldenström's macroglobulinemia. These recent developments underscore the company's progress in the biopharmaceutical sector.
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