Oppenheimer Has Lowered Expectations 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 research note issued to investors on Tuesday morning,Benzinga reports. They currently have an outperform rating on the biopharmaceutical company’s stock.

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

Cellectar Biosciences Stock Performance

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

Cellectar Biosciences (NASDAQ:CLRB) last released its earnings results on Tuesday, October 29th. The biopharmaceutical company reported ($0.51) earnings per share for the quarter. As a group, sell-side analysts forecast that Cellectar Biosciences will post -1.57 EPS for the current year.

Hedge Funds Weigh In On Cellectar Biosciences

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. lifted its stake in Cellectar Biosciences by 146.7% in the first quarter. Vanguard Group Inc. now owns 1,191,081 shares of the biopharmaceutical company’s stock worth $4,741,000 after acquiring an additional 708,191 shares during the period. Rosalind Advisors Inc. raised its stake in Cellectar Biosciences by 335.4% in the second quarter. Rosalind Advisors Inc. now owns 2,705,616 shares of the biopharmaceutical company’s stock worth $6,764,000 after buying an additional 2,084,138 shares in the last quarter. AIGH Capital Management LLC boosted its position in Cellectar Biosciences by 8.2% during 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 acquiring an additional 231,270 shares in the last quarter. XTX Topco Ltd boosted its position in Cellectar Biosciences by 432.4% during 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 in the last quarter. Finally, Sequoia Financial Advisors LLC purchased a new position in shares of Cellectar Biosciences in the 3rd quarter valued at $51,000. Institutional investors own 16.41% of the company’s stock.

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.