Cellectar Biosciences Inc. (NASDAQ:CLRB) Stocks Corrects 17% in a Month: Good Time To Buy?

Cellectar Biosciences Inc. (NASDAQ:CLRB) shares have dropped 17% in a month. The company has announced the signing of a development and commercialization partnership agreement with a South Korean-based biotech company, LegoChemBio.

The collaboration is for proprietary first-in-class phospholipid drug conjugates development and marketing.According to the terms of the agreement, the companies will jointly develop three new small molecule phospholipid drug conjugates. In addition, they will leverage Cellectar’s Phospholipid Ether (PLE) tech, its novel drug targeting platform, and LegoChemBios’s novel drug conjugate linker-toxin platform.

The joint-development alternative is exercisable at specific points, and either company has a right to acquire all commercialization rights globally. The companies also agreed to focus on solid tumor drug candidates where there is a considerable unmet medical need and the possibility of accelerated regulatory pathways. The partnership’s financial terms have not been disclosed. However, James Caruso, Cellectar CEO, said that the partnership reflects the companies’ shared commitment to providing novel targeted therapies for patients suffering from difficult to treat solid tumors. So, in the coming days, CLRB is a stock to watch.

Market Reaction:

On Wednesday, CLRB stock fell 1.80% at $1.09 with more than 1.34 million shares, compared to its average volume of 701k shares. The stock had moved within a range of $1.0700 – 1.1500 after opening the trade at $1.15. Over the past 52-week, the stock has been trading within a range of $1.0100 – 2.9800.