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Cellectar Biosciences shares rollercoaster after one patient sees a 94% tumor reduction in its mid-stage trial

The Phase 2 trial of its drug CLR 131 will enroll a total of 80 patients and continue until March 2019
Cellectar Biosciences shares rollercoaster after one patient sees a 94% tumor reduction in its mid-stage trial
Four of the five targeted tumors were completely resolved

Cellectar Biosciences Inc (NASDAQ:CLRB) shares jumped double digits after a single patient saw a dramatic improvement in her condition.

In a Phase 2 trial of its drug CLR 131, a patient with a rare type of cancer known as Waldenstrom macroglobulinemia saw a 94% reduction in the amount of tumor material in her body after two doses of the drug. Four of the five targeted tumors were completely resolved.

READ: Zogenix shares pop on impressive Phase 3 results for epilepsy drug

“CLR 131 has shown good clinical response in LPL as well as other hematologic indications and could provide an excellent addition to the treatment armamentarium,” said Sikander Ailawadhi, the patient’s treating physician, in a press release.

However, one patient’s results may not be indicative of the trial as a whole. The mid-stage trial intends to enroll a total of 80 participants to continue studying the drug and is expected to end in March 2019.

As investors began to mull over the results, shares fell nearly 40% to US$7.31 from an intraday high of US$12.22 earlier in the trading day.

Shares of the Wisconsin-based biotech were trading slighty lower to US$7.46 heading into Tuesday's close.

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