Oppenheimer Issues Pessimistic Forecast for Cellectar Biosciences (NASDAQ:CLRB) Stock Price

Cellectar Biosciences (NASDAQ:CLRB) had its price objective cut by Oppenheimer from $14.00 to $12.00 in a report issued on Tuesday morning,Benzinga reports. They currently have an outperform rating on the biopharmaceutical company’s stock.

Separately, StockNews.com upgraded Cellectar Biosciences to a “sell” rating in a research report on Thursday, September 26th.

Cellectar Biosciences Price Performance

CLRB stock opened at $1.58 on Tuesday. The stock has a market capitalization of $65.21 million, a PE ratio of -0.92 and a beta of 1.00. Cellectar Biosciences has a 52 week low of $1.39 and a 52 week high of $4.45. The firm has a 50 day moving average of $2.04 and a 200 day moving average of $2.39.

Cellectar Biosciences (NASDAQ:CLRB) last released its earnings results on Tuesday, October 29th. The biopharmaceutical company reported ($0.51) earnings per share (EPS) for the quarter. On average, equities research analysts expect that Cellectar Biosciences will post -1.57 earnings per share for the current year.

Institutional Investors Weigh In On Cellectar Biosciences

Several hedge funds have recently added to or reduced their stakes in the business. Geode Capital Management LLC boosted its stake in shares of Cellectar Biosciences by 3.3% in the third 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. Oppenheimer & Co. Inc. acquired a new stake in shares of Cellectar Biosciences during the 3rd quarter worth approximately $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 lifted its stake 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 purchasing an additional 51,413 shares during the period. Finally, AIGH Capital Management LLC boosted its holdings in Cellectar Biosciences by 8.2% during the second quarter. AIGH Capital Management LLC now owns 3,036,187 shares of the biopharmaceutical company’s stock worth $7,590,000 after buying an additional 231,270 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.