Cleveland BioLabs Inc. (NASDAQ: CBLI)
Cleveland BioLabs Inc. (CBLI), a biopharmaceutical company, announced yesterday via a publication in a scientific journal that their drug entolimod reduces radiation injury and improves survival rate. It is most effective when the drug is administered within 48 hours after the patient’s exposure to lethal radiation.
Cleveland BioLabs Inc. Chief Scientific Officer Comments
Andrei Gudkov, Ph.D., D.Sc., Chief Scientific Officer of Cleveland BioLabs, Senior Vice President of Basic Science at Roswell Park Cancer Institute, and one of the corresponding authors of the paper, commented:
“Our research team is very pleased to share these results with the scientific community. They demonstrate entolimod’s potential as a life-saving treatment for victims exposed to severe irradiation. To our knowledge, these are the first published data documenting significant increases in the survival of nonhuman primates using a pharmacological agent administered as late as 2 days after lethal radiation exposure. These findings suggest that entolimod is a highly promising single dose MRC candidate for use in mass-casualty radiation disasters.” Market Wired
CBLI Technical Analysis
CBLI gapped up in price yesterday to $5.15 up from the prior day’s close of $4.63 which is a 11% increase in price based on favorable news. Taking a look at the daily chart we can see the last time the stock traded above this price level was back on June 25 when the stock closed at $5.38. The stock made a huge jump on that occasion as it closed on June 24 at $2.83 and the next trading day reached highs of $7.24 equivalent to a 156% increase in price. As we can see, the stock is capable of making big moves. The stock does have low float of 3.49 million shares, making it a good candidate for the gap and go strategy. The stock did reach pre market highs of $5.43 meaning it gave back $0.28 at the open equivalent to 5%. For trading purposes, my entry point would be $5.20 looking for a run up to $5.50. My stop loss would be $5.10, fearing anything below that and we will start to fill in the gap up.
Cleveland BioLabs, Inc., a biopharmaceutical company, focuses on developing pharmaceuticals designed to address diseases with unmet medical need. Its lead drug candidate is Entolimod, a Toll-like receptor 5 (TLR5) agonist, which is developing as a radiation countermeasure for prevention of death from acute radiation syndrome, and as an oncology drug. The company is also developing CBLB612, a pharmacologically optimized synthetic molecule that structurally mimics naturally occurring lipopeptides of Mycoplasma and activates NF-kB pro-survival and immunoregulatory signaling pathways; CBL0137, a small molecule with a multi-targeted mechanism of action used for the treatment of various types of cancer; and Mobilan, a nanoparticle-formulated recombinant non-replicating adenovirus that directs expression of TLR5 and its agonistic ligand, flagellin. It has license agreements and collaborations with the Cleveland Clinic Foundation and Roswell Park Cancer Institute. Cleveland BioLabs, Inc. was founded in 2003 and is headquartered in Buffalo, New York. Yahoo Finance