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

Equities researchers at StockNews.com initiated coverage on shares of Cellectar Biosciences (NASDAQ:CLRB) in a report released on Sunday. The brokerage set a “sell” rating on the biopharmaceutical company’s stock.

A number of other research analysts have also commented on CLRB. LADENBURG THALM/SH SH assumed coverage on Cellectar Biosciences in a report on Thursday, December 5th. They set a “buy” rating and a $13.00 price target on the stock. Oppenheimer reaffirmed a “market perform” rating on shares of Cellectar Biosciences in a report on Wednesday, December 11th.

Cellectar Biosciences Stock Performance

Shares of CLRB opened at $0.29 on Friday. The firm has a market capitalization of $13.34 million, a price-to-earnings ratio of -0.17 and a beta of 1.05. Cellectar Biosciences has a one year low of $0.22 and a one year high of $4.45. The stock’s fifty day moving average is $0.28 and its 200-day moving average is $1.29.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of CLRB. Rosalind Advisors Inc. grew its holdings in Cellectar Biosciences by 35.7% during the third quarter. Rosalind Advisors Inc. now owns 3,671,550 shares of the biopharmaceutical company’s stock worth $7,857,000 after acquiring an additional 965,934 shares during the period. Oppenheimer & Co. Inc. acquired a new position in Cellectar Biosciences during the third quarter worth about $27,000. Geode Capital Management LLC grew its holdings 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 acquiring an additional 11,266 shares during the period. JPMorgan Chase & Co. grew its holdings in Cellectar Biosciences by 687.3% during the fourth quarter. JPMorgan Chase & Co. now owns 182,403 shares of the biopharmaceutical company’s stock worth $55,000 after acquiring an additional 159,234 shares during the period. Finally, Bank of America Corp DE increased its stake in Cellectar Biosciences by 25.3% in the 4th quarter. Bank of America Corp DE now owns 206,783 shares of the biopharmaceutical company’s stock worth $62,000 after purchasing an additional 41,704 shares in the last quarter. 16.41% of the stock is 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.