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Jarrod Longcor, the Chief Operating Officer of Cellectar Biosciences, Inc. (NASDAQ:CLRB), recently acquired 30,000 shares of the company’s common stock. The shares were purchased at $0.28 each, totaling $8,400. The stock, which has shown strong returns over the past three months according to InvestingPro data, currently trades at $0.32, already representing a 14% gain on the insider purchase. Following this transaction, Longcor now holds 83,141 shares directly. This acquisition reflects a continued commitment by the executive to the company’s future, despite the stock’s 91% decline over the past year. InvestingPro analysis indicates the company maintains a healthy balance sheet with more cash than debt, though it’s currently trading below its Fair Value. For deeper insights, investors can access the comprehensive Pro Research Report, which provides detailed analysis of CLRB’s financial health and growth prospects.
In other recent news, Cellectar Biosciences has been notified by Nasdaq that it is not in compliance with the minimum bid price requirement for continued listing on the Nasdaq Capital Market. The company’s stock has fallen below the $1.00 minimum bid price per share, and it has been given until July 29, 2025, to regain compliance. If Cellectar fails to meet this requirement, it may be granted an additional 180 days, provided it meets other listing standards and indicates its intent to resolve the deficiency. Meanwhile, Oppenheimer has reaffirmed its Perform rating on Cellectar Biosciences following updates on its lead Iopofosine I131 program for Waldenstrom’s macroglobulinemia. The company announced that the estimated costs for the confirmatory study of Iopofosine I131 might be lower than previously expected, with projections between $30-35 million. Additionally, Cellectar has extended its financial runway, with existing funds expected to sustain operations into the fourth quarter of 2025. Oppenheimer remains cautious, indicating it will wait for more definitive information about the program’s trajectory before considering a change in the stock’s rating. Cellectar plans to present further details at the Biotech Showcase in San Francisco.
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