3 Small-Cap Drug Stocks Making Huge Moves

The shares of CLRB and PDSB are soaring today

by Josh Selway

Published on May 15, 2019 at 2:25 PM

Reports that the Trump administration may delay tariffs on auto imports have helped stocks turn higher today. Turning to the healthcare sector in particular, three biotechs making big moves today are Cellectar Biosciences Inc (NASDAQ:CLRB), ImmunoGen, Inc. (NASDAQ:IMGN), and PDS Biotechnology Corp (NASDAQ:PDSB). Here's a closer look at the shares of CLRB, IMGN, and PDSB.

CLRB Myeloma Drug Deemed Tolerable

CLRB shares are trading up 19.3% at $2.72, after the company's Myeloma drug was deemed safe in an early stage study by an independent committee. However, the stock was turned away at the $3 level, a price point it hasn't topped on a closing basis since October, mostly skirting the $2 level in 2019 -- though it's set to take out its 200-day moving average for the first time in more than a year. The few analysts in coverage on Cellectar Biosciences have high expectations, since their average 12-month price target stands at $6.80.

FDA Update Sends IMGN Stock to New Low

IMGN shares are trading at more than two-year lows, last seen down 36% at $2.02, after the U.S. Food and Drug Administration (FDA) recommended the company set up another phase 3 trial for its ovarian cancer drug. This technical performance is just more of the same for a stock that was trading near $11 this time last year.

Meanwhile, it would appear some options traders nailed today's move. Specifically, ImmunoGen's 10-day put/call volume ratio at the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) is up at 4.69, ranking just 1 percentage point from an annual high, revealing a very unusual demand for long puts relative to long calls of late.

Peer-Reviewed Journal Entry Sparks PDSB Rally

PDSB stock is jumping today after the company cited an article from the Journal of Immunology that supported its nanotechnology platform, Versamune. This has the shares trading up 29.5% at $7.95, but still leaves them with a one-year deficit of 60%. Despite the dismal showing on the charts, short sellers haven't been targeting the drugmaker. Less than 4% of PDS Biotechnology's float is sold short, accounting for just over two times the average daily trading volume.


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