Cellectar Biosciences (NASDAQ:CLRB) Coverage Initiated at StockNews.com

StockNews.com initiated coverage on shares of Cellectar Biosciences (NASDAQ:CLRB) in a research report released on Friday morning. The brokerage issued a sell rating on the biopharmaceutical company’s stock.

CLRB has been the subject of a number of other research reports. LADENBURG THALM/SH SH initiated coverage on shares of Cellectar Biosciences in a report on Thursday, December 5th. They set a “buy” rating and a $13.00 target price for the company. Oppenheimer reiterated a “market perform” rating on shares of Cellectar Biosciences in a report on Wednesday, December 11th.

Cellectar Biosciences Stock Down 1.3 %

CLRB opened at $0.24 on Friday. Cellectar Biosciences has a twelve month low of $0.22 and a twelve month high of $4.45. The company has a market cap of $9.70 million, a PE ratio of -0.14 and a beta of 0.89. The company has a 50-day moving average price of $1.59 and a 200 day moving average price of $2.08.

Cellectar Biosciences (NASDAQ:CLRB) last released its earnings results on Tuesday, October 29th. The biopharmaceutical company reported ($0.51) earnings per share for the quarter. As a group, sell-side analysts expect that Cellectar Biosciences will post -1.59 earnings per share for the current year.

Institutional Investors Weigh In On Cellectar Biosciences

A number of hedge funds have recently modified their holdings of the company. Oppenheimer & Co. Inc. purchased a new position in Cellectar Biosciences during the third quarter worth about $27,000. Sequoia Financial Advisors LLC acquired a new stake in shares of Cellectar Biosciences during the 3rd quarter worth approximately $51,000. XTX Topco Ltd raised its position in shares of Cellectar Biosciences by 432.4% during the 2nd quarter. XTX Topco Ltd now owns 63,304 shares of the biopharmaceutical company’s stock valued at $158,000 after buying an additional 51,413 shares during the period. Geode Capital Management LLC lifted its holdings in Cellectar Biosciences by 3.3% in the third quarter. Geode Capital Management LLC now owns 352,452 shares of the biopharmaceutical company’s stock valued at $754,000 after acquiring an additional 11,266 shares during the last quarter. Finally, AIGH Capital Management LLC grew its position in Cellectar Biosciences by 8.2% in the second quarter. AIGH Capital Management LLC now owns 3,036,187 shares of the biopharmaceutical company’s stock worth $7,590,000 after acquiring an additional 231,270 shares during the period. Hedge funds and other institutional investors own 16.41% of the company’s stock.

About Cellectar Biosciences

Cellectar Biosciences, Inc, a clinical biopharmaceutical company, focuses on the discovery, development, and commercialization of drugs for the treatment of cancer. Its lead phospholipid drug conjugate (PDC) candidate is CLR 131 (iopofosine I-131), which is in Phase 2 clinical study for patients with B-cell malignancies; Phase 2a clinical study for patients with relapsed or refractory (r/r) Waldenstrom's macroglobulinemia cohort, r/r multiple myeloma (MM) cohort, and r/r non-Hodgkin's lymphoma cohort; Phase 1 clinical study for r/r pediatric patients with select solid tumors, lymphomas, and malignant brain tumors; and Phase 1 clinical study for r/r head and neck cancer.