Cellectar Biosciences (NASDAQ: CLRB) is a late-stage scientific biopharmaceutical firm, centered on the event and discovery of medicine that can be utilized for the therapy of most cancers. The corporate intends to make use of its proprietary Phospholipid Drug Conjugate (PDC) platform to develop PDCs that may particularly goal most cancers cells.
The corporate’s drug pipeline consists of CLR 131, one preclinical PDC chemotherapeutic program known as CLR 1900, and several other partnered PDC belongings.
Cellectar Biosciences had money and money equivalents of $53.6 million on its steadiness sheet as of March 31. Whereas the corporate didn’t earn any revenues in Q1, the online loss was $0.13 per share versus a lack of $0.42 per share in the identical quarter final yr.
James Caruso, President, and CEO of Cellectar Biosciences acknowledged, “We additionally proceed to make progress in our pediatric examine of CLR 131 in kids with relapsed or refractory stable tumors or malignant mind tumors [in the first quarter] and stay properly positioned financially with a money runway supporting our present strategic plan into the third quarter of 2023.”
Nonetheless, the corporate admitted in its firm filings that the COVID-19 pandemic has created uncertainty about anticipated timelines for its medicine. Moreover, the scenario could impression its means to recruit sufferers for scientific research sooner or later, get extra financing, and acquire an satisfactory provide of CLR 131, the corporate added.
The corporate’s lead PDC therapeutic is CLR 131, a small-molecule PDC that targets the supply of iodine-131 on to most cancers cells, thus limiting the publicity to wholesome cells. This PDC is presently being examined within the CLOVER-WaM (Waldenstrom’s macroglobulinemia) Part 2 pivotal examine.
Final month, CLRB offered a poster on the American Society of Medical Oncology (ASCO) Annual assembly and later hosted a Key Opinion Chief (KOL) name with the lead investigator for its Part 2 CLOVER-1 examine of CLR 131, Dr. Sikander Ailawadhi, M.D. of the Mayo Clinic.
The poster gave an replace relating to six sufferers from CLRB’s Part 2a examine of CLR 131. It indicated that the progression-free survival for sufferers with MYD88 wild sort, and high-risk sufferers, didn’t exceed 18 months.
Following the decision, Oppenheimer analyst Kevin DeGeeter reiterated a Purchase score with a worth goal of $5.50 (370% upside) on the inventory.
In a analysis notice to traders, DeGeeter stated, “KOL famous WM [Waldenstrom’s macroglobulinemia] sufferers choose remedies of restricted length vs. power remedy.”
“We view these observations mixed with poster demonstrating CLR-131 exercise throughout genotypes as supportive of use in 2nd line previous to BTK [Bruton’s tyrosine kinase] remedy, notably in MYD88 [a type of gene] WT sufferers,” the analyst added.
DeGeeter famous that the poster presentation supplied extra insights past summary information and attributed the weak point in CLRB shares “as seemingly associated to investor expectations for a extra in-depth replace.”
In Q1, the European Fee granted CLR 131 an orphan drug designation within the therapy of WM, leading to CLRB getting European market exclusivity for 10 years, along with different advantages, together with a discount in related charges and fewer regulatory filings within the European Union (EU), together with protocol help. (See Cellectar Biosciences inventory chart on TipRanks)
Analyst DeGeeter’s funding thesis relating to CLRB assumes “1) CLR-131 advances to a registration examine in BTK-refractory lymphoplasmacytic lymphoma (LPL), 2) registration examine of fifty sufferers helps approval in 1H23, and three) CLR-131 generates 2028 gross sales of $290M.”
“Our outlook assumes approval for LPL will help off-label gross sales for a number of myeloma within the US based mostly on information from Part II program in therapy of triple refractory sufferers. We don’t embrace gross sales for therapy of uncommon pediatric cancers in our outlook,” the analyst added.
Consensus amongst analysts on Wall Avenue is a Sturdy Purchase based mostly on 3 unanimous Buys. The common Cellectar Biosciences worth goal of $6.17 implies roughly 427.4% upside potential to present ranges.
Disclaimer: The knowledge contained herein is for informational functions solely. Nothing on this article must be taken as a solicitation to buy or promote securities.