Oppenheimer analyst Jeff Jones lowered the firm’s price target on Cellectar Biosciences (CLRB) to $12 from $14 and keeps an Outperform rating on the shares after the company provided Q3 financial and business updates, with updated Iopofosine I131 data in WM being slated for an oral presentation at ASH on December 9th. Management also disclosed that discussions with the FDA around a likely to be required confirmatory trial are anticipated to delay the NDA filing from late Q4 2024 to late Q1 2025. While Oppenheimer remains confident in the ultimate approval, the firm updates its model for actuals, while adjusting timelines and adding a year-end 2024 financing.
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