Flavor Of The Day: Cellectar Biosciences
Hardly a day goes by on Wall Street when a small unknown pharmaceutical company stages a huge rally or a sharp decline off breaking news.
The flavor of the day in Friday's session is Cellectar Biosciences Inc (NASDAQ: CLRB). Shares are trading higher by $2.58 (240 percent) at $3.63 in Friday's session. The catalyst for the rally is the announcement that the company has received patent identification numbers for cancer targeting drug vehicles.
In rare fashion, the issue opened flat despite the news being out before the open. On many occasions, traders will seize on the news in pre-market trading and force other investors to pay up at the open in order to participate in the move.
Instead, the issue marched with nary of a pullback until it found intra-day resistance at $3.97 and quickly retreated to $3.03 before regaining its upward momentum.
The current high coincides with pair of highs in the issue at the $4 level from mid-April.
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