On Thursday, Oppenheimer adjusted its outlook on Cellectar Biosciences (NASDAQ:CLRB), increasing the share price target to $12.00 from the previous $11.00 while maintaining an Outperform rating. The firm's confidence is buoyed by the company's year-end results and the progress of its iopofosine I-131 study in Waldenstrom macroglobulinemia (WM).
Cellectar Biosciences recently reported its year-end results and is on track with its plans to file a New Drug Application (NDA) in the second half of 2024. The company is hopeful for a potential fast-track approval by mid-2025. The optimism follows January's promising interim readout for their pivotal iopofosine I-131 study.
The company anticipates updated data in May, which is expected to support the positive results seen in the interim readout. Discussions with management have revealed the potential for iopofosine I-131 to be used for a broader range of indications, which bolsters confidence in the drug's market prospects.
Cellectar Biosciences is also expected to provide updates by the end of the year on additional indications for iopofosine I-131, including pediatric CNS lymphoma and high-grade glioma. The financial standing of the company appears stable, with a year-end cash balance of $9.6 million, supplemented by an additional $43 million raised from warrants exercised in January, which should sustain operations throughout 2024.
InvestingPro Insights
As Cellectar Biosciences (NASDAQ:CLRB) navigates its path towards filing a New Drug Application, Oppenheimer's increased price target reflects optimism in the company's progress. InvestingPro data highlights a market capitalization of $117.24 million and a challenging financial landscape with an adjusted P/E ratio for the last twelve months as of Q4 2023 at -2.91. Despite these challenges, the company has experienced a high return over the last year, with a 1 Year Price Total Return at 155.99%. This suggests that investors have been responding positively to the company's recent developments and future potential.
InvestingPro Tips indicate that Cellectar Biosciences is quickly burning through cash and suffers from weak gross profit margins. Additionally, the company's short term obligations exceed its liquid assets, and analysts do not anticipate profitability this year. However, it's worth noting that Cellectar has shown a strong return over the last three months and a large price uptick over the last six months, which may interest potential investors looking for momentum plays.
For those considering an investment in Cellectar Biosciences, there are additional InvestingPro Tips available that could provide deeper insights into the company's financial health and market position. Use coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription, where you can explore these tips and more to inform your investment decisions.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.