Cellectar Biosciences Inc (NASDAQ: CLRB)
Cellectar Biosciences is having an incredibly strong day in the market today, and for good reason. In pre-market hours, it was announced that the company has been awarded a new patent, sending the stock spiking upward dramatically. Below, we’ll talk about the patent, what we saw in the market as a result, and what investors should be watching with regard to CLRB ahead.
CLRB Strengthens Its Intellectual Property
As mentioned above, Cellectar Biosciences is having an overwhelmingly strong day in the market today following an announcement that was made early this morning. That announcement was that the United States Patent and Trademark Office has granted the company a new patent.
The newly granted patent, number 9,550,002 surrounds the company’s leading compound, CLR 131 and CLR 125. In particular, the patent protects the company’s method of use in these two compounds. Both of which are designed as treatments for cancer. This announcement follows yet another recent positive announcement in which CLRB investors learned of patent allowances for the use of the phospholipid drug conjugate delivery platform in specific tumor types. In a statement with regard to the news, Jim Caruso, President and CEO at Cellectar, had the following to offer…
“This patent strengthens our radiotherapeutic intellectual property portfolio and further demonstrates Cellectar’s commitment to optimizing our PDC technology platform… While we are currently focused on developing CLR 131 for hematologic malignancies such as multiple myeloma, the claims granted provide additional development optionality for Cellectar or a potential partner.”
How The Stock Reacted To The News
As investors, one of the first things that we learn is that the news moves the market. When positive news is released with regard to a publicly traded company, we can expect to see gains. The opposite is true when bad news is released. In the case of CLRB, the news that was released proved to be overwhelmingly positive. Stronger intellectual property will help the company to keep competition at bay as they continue compelling work in the development of new therapies for one of the most devastating illnesses known to man.
In pre-market trading, when this news broke, the stock climbed substantially. While we saw a slight correction in value shortly after the bell, the stock has done well holding onto the majority of gains. At the moment (2:05), CLRB is trading at $1.56 per share after a gain of $0.18 per share or 13.04% thus far today.
What Investors Should Be Watching For Ahead
Moving forward, Cellectar Biosciences looks incredibly promising. At the moment, the company’s is not only performing compelling work in the space of oncology, they are showing mindfulness with regard to protecting its findings through intellectual property. With yet another patent under their belt, the value of CLRB is climbing, and investors are taking note. Moving forward, investors should keep a close eye on the company’s progress in the oncology space and continued show of ability to protect their findings. If things continue in the direction they’re headed, this could prove to be an incredible opportunity.
What Do You Think?
Where do you think CLRB is headed moving forward? Join the discussion in the comments below!