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

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

Several other equities analysts have also issued reports on CLRB. Oppenheimer reiterated a “market perform” rating on shares of Cellectar Biosciences in a research note on Wednesday, December 11th. LADENBURG THALM/SH SH began coverage on shares of Cellectar Biosciences in a research note on Thursday, December 5th. They set a “buy” rating and a $13.00 price objective for the company.

Cellectar Biosciences Price Performance

Shares of CLRB opened at $0.29 on Friday. The firm has a market capitalization of $12.05 million, a price-to-earnings ratio of -0.17 and a beta of 0.89. Cellectar Biosciences has a 1-year low of $0.22 and a 1-year high of $4.45. The company has a 50-day moving average of $1.37 and a 200 day moving average of $1.94.

Cellectar Biosciences (NASDAQ:CLRB) last announced its quarterly earnings results on Tuesday, October 29th. The biopharmaceutical company reported ($0.51) earnings per share (EPS) for the quarter. On average, equities analysts anticipate that Cellectar Biosciences will post -1.59 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Cellectar Biosciences

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

Cellectar Biosciences Company Profile

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.