Cellectar Biosciences (NASDAQ: CLRB) announced its quarterly earnings on March 15, 2024, revealing a loss of $1.41 per share. This figure exceeded analysts’ expectations, which had predicted a greater loss of $1.91. According to Zacks, this positive performance marks a notable achievement for the biopharmaceutical company.
On Friday, shares of Cellectar Biosciences rose by 1.0%, trading at $2.90 with 67,158 shares exchanged, compared to an average trading volume of 210,833. The company currently holds a market capitalization of $9.26 million and has a price-to-earnings ratio of -0.15. The stock has fluctuated significantly over the past year, with a 52-week low of $2.84 and a high of $61.05. Its fifty-day moving average price stands at $4.55, while the two-hundred-day moving average is $5.98.
Recent Institutional Investment
In a strategic move, Dimensional Fund Advisors LP acquired a new stake in Cellectar Biosciences during the third quarter. This investment included 13,033 shares valued at approximately $73,000, as disclosed in the firm’s latest Form 13F filing with the Securities and Exchange Commission (SEC). Following this acquisition, Dimensional Fund Advisors owns about 0.41% of the company. Currently, institutional investors hold approximately 16.41% of Cellectar Biosciences’ stock.
Focus on Cancer Treatment
Cellectar Biosciences is dedicated to the discovery, development, and commercialization of innovative treatments for cancer. Its lead candidate, CLR 131 (iopofosine I-131), is undergoing various stages of clinical trials. The drug is currently in a Phase 2 study targeting patients with B-cell malignancies and is also being evaluated in multiple cohorts, including those with relapsed or refractory Waldenstrom’s macroglobulinemia, multiple myeloma, and non-Hodgkin’s lymphoma. Additionally, CLR 131 is in a Phase 1 clinical trial for pediatric patients with select solid tumors and lymphomas, as well as for head and neck cancer.
As Cellectar continues its development efforts, analysts remain optimistic about the company’s potential for growth. The recent earnings report and institutional interest may signal a positive trajectory for Cellectar Biosciences in the competitive biopharmaceutical landscape.
