I have been an independent financial adviser for over 11 years in the city and in recent years turned my experience in finance and passion for journalism into a full time role. I perform analysis of Companies and publicize valuable information for shareholder community.
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FLORHAM PARK, N.J., August 13, 2019 – Shares of Cellectar Biosciences Inc. (NASDAQ: CLRB) showed the bearish trend with a lower momentum of -1.35% to $2.19. The company traded total volume of 42.784K shares as contrast to its average volume of 467.04K shares. The company has a market value of $11.65M and about 5.32M shares outstanding.
Cellectar Biosciences, Inc. (CLRB) reported net loss of $3.60M, or a loss of $(0.76) per diluted share for the three months ended March 31, 2019, compared to a net loss of $3.50M, or a loss of $(2.07) per diluted share, in the three months ended March 31, 2018.
First Quarter Financial Highlights
Research and Development Expense: Research and development expense for the three months ended March 31, 2019 was $2.30M, compared to $2.10M in the three months ended March 31, 2018. The overall increase in research and development expense of $184.0K, or 8%, was primarily a result of an increase in clinical project costs of approximately $285.0K related to the start-up of the pediatric study. Manufacturing and related costs increased as a result of an increase in patient recruitments for the on-going clinical trials. Pre-clinical studies decreased as some studies were concluding. The general research and development costs were relatively consistent.
General and Administrative Expense: General and administrative expense for the three months ended March 31, 2019 was approximately $1,321.0K, compared to approximately $1,329.0K in the three months ended March 31, 2018 and remained relatively consistent.
Cash and Cash Equivalents: As of March 31, 2019, cash and cash equivalents were approximately $10.50M compared to $13.30M as of December 31, 2018. The Company believes this cash balance is adequate to fund our pipeline development and operations into the first quarter 2020.
ROE was recorded as -169.60% while beta factor was 1.35. The stock, as of recent close, has shown the weekly upbeat performance of 4.29% which was maintained at 41.29% in this year.