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

Stock analysts at StockNews.com began coverage on shares of Cellectar Biosciences (NASDAQ:CLRB) in a note issued to investors on Thursday. The firm set a “sell” rating on the biopharmaceutical company’s stock.

Several other analysts also recently commented on the company. 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 Cellectar Biosciences in a research note on Thursday, December 5th. They issued a “buy” rating and a $13.00 price target on the stock.

Cellectar Biosciences Trading Up 0.6 %

Shares of CLRB opened at $0.26 on Thursday. The business’s fifty day simple moving average is $0.51 and its two-hundred day simple moving average is $1.51. Cellectar Biosciences has a 12 month low of $0.22 and a 12 month high of $4.45. The company has a market cap of $12.05 million, a price-to-earnings ratio of -0.15 and a beta of 1.05.

Hedge Funds Weigh In On Cellectar Biosciences

A number of institutional investors and hedge funds have recently modified their holdings of the company. Rosalind Advisors Inc. boosted its stake in shares of Cellectar Biosciences by 35.7% in the 3rd quarter. Rosalind Advisors Inc. now owns 3,671,550 shares of the biopharmaceutical company’s stock worth $7,857,000 after buying an additional 965,934 shares during the last quarter. Geode Capital Management LLC boosted its stake 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 buying an additional 11,266 shares during the last quarter. Sequoia Financial Advisors LLC purchased a new position in shares of Cellectar Biosciences in the 3rd quarter worth $51,000. Finally, Oppenheimer & Co. Inc. purchased a new position in Cellectar Biosciences during the third quarter valued at $27,000. 16.41% of the stock is currently 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.