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

Analysts at StockNews.com initiated coverage on shares of Cellectar Biosciences (NASDAQ:CLRB) in a research note issued on Friday. The firm set a “sell” rating on the biopharmaceutical company’s stock.

Other equities analysts have also recently issued research reports about the company. Oppenheimer reissued a “market perform” rating on shares of Cellectar Biosciences in a research report on Wednesday, December 11th. 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 for the company.

Cellectar Biosciences Stock Performance

NASDAQ:CLRB opened at $0.24 on Friday. The company has a market capitalization of $9.82 million, a P/E ratio of -0.14 and a beta of 0.89. The stock’s 50 day moving average price is $1.62 and its 200 day moving average price is $2.10. Cellectar Biosciences has a 52 week low of $0.22 and a 52 week high of $4.45.

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

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in CLRB. Rosalind Advisors Inc. raised its position in 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 purchasing an additional 965,934 shares during the last quarter. AIGH Capital Management LLC lifted its holdings 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 valued at $7,590,000 after buying an additional 231,270 shares during the period. Geode Capital Management LLC grew its holdings in Cellectar Biosciences by 3.3% during the 3rd quarter. Geode Capital Management LLC now owns 352,452 shares of the biopharmaceutical company’s stock worth $754,000 after acquiring an additional 11,266 shares during the period. XTX Topco Ltd raised its position in shares of Cellectar Biosciences by 432.4% in the 2nd quarter. XTX Topco Ltd now owns 63,304 shares of the biopharmaceutical company’s stock valued at $158,000 after acquiring an additional 51,413 shares during the period. Finally, Sequoia Financial Advisors LLC bought a new position in shares of Cellectar Biosciences during the third quarter worth $51,000. Institutional investors and hedge funds own 16.41% of the company’s stock.

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.