On Tuesday, Oppenheimer showed confidence in Cellectar Biosciences shares (NASDAQ:CLRB) by raising its price target from $12.00 to $13.00 while keeping an Outperform rating on the stock. This adjustment followed the company's announcement of its first-quarter results and its plans for the upcoming launch of iopofosine-I131 for Waldenstrom macroglobulinemia (WM).
Cellectar Biosciences reported a significant increase in net loss for the quarter, totaling $21.6 million, which was notably higher than both the company's own projections and consensus estimates, which stood at $14.3 million and $12.1 million, respectively. The widening loss was largely attributed to a $9.9 million non-cash charge due to warrant valuation.
Despite the increased loss, the firm highlighted Cellectar's financial strategy, noting that the biotech has approximately $34 million available from additional warrants that will expire post-New Drug Application (NDA) approval. With $40 million in cash at the end of the first quarter, Oppenheimer anticipates that the company has enough capital to continue operations into the fourth quarter.
Looking ahead, Cellectar is expected to provide updates on its data in June through a press release and an expert call. The data, which was initially announced in January, pertains to the company's ongoing developments. Moreover, Cellectar is anticipated to release Phase 1 data for pediatric glioma in the second half of 2024.
Oppenheimer reiterated its Outperform rating for Cellectar Biosciences and updated its model to reflect the actual financials, which led to the decision to increase the stock price target by $1 to $13.00.
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