StockNews.com Initiates Coverage on Cellectar Biosciences (NASDAQ:CLRB)

StockNews.com started coverage on shares of Cellectar Biosciences (NASDAQ:CLRB) in a research note issued to investors on Thursday morning. The brokerage issued a sell rating on the biopharmaceutical company’s stock.

CLRB has been the topic of several other research reports. LADENBURG THALM/SH SH began coverage on Cellectar Biosciences in a research report on Thursday, December 5th. They set a “buy” rating and a $13.00 target price on the stock. Oppenheimer reaffirmed a “market perform” rating on shares of Cellectar Biosciences in a research report on Wednesday, December 11th.

Cellectar Biosciences Stock Performance

Shares of CLRB opened at $0.28 on Thursday. The stock has a market capitalization of $12.72 million, a PE ratio of -0.16 and a beta of 1.05. The company has a 50 day moving average price of $0.48 and a 200-day moving average price of $1.51. Cellectar Biosciences has a fifty-two week low of $0.22 and a fifty-two week high of $4.45.

Hedge Funds Weigh In On Cellectar Biosciences

Several institutional investors and hedge funds have recently bought and sold shares of the company. Geode Capital Management LLC boosted its position in shares of Cellectar Biosciences by 3.3% in the 3rd quarter. Geode Capital Management LLC now owns 352,452 shares of the biopharmaceutical company’s stock worth $754,000 after purchasing an additional 11,266 shares in the last quarter. Oppenheimer & Co. Inc. purchased a new stake in Cellectar Biosciences in the third quarter valued at about $27,000. Sequoia Financial Advisors LLC acquired a new stake in Cellectar Biosciences in the third quarter worth about $51,000. Finally, Rosalind Advisors Inc. boosted its holdings in Cellectar Biosciences by 35.7% in the third quarter. Rosalind Advisors Inc. now owns 3,671,550 shares of the biopharmaceutical company’s stock worth $7,857,000 after acquiring an additional 965,934 shares in the last quarter. 16.41% of the stock is owned by hedge funds and other institutional investors.

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.