Cellectar Biosciences (NASDAQ:CLRB) Receives New Coverage from Analysts at StockNews.com

StockNews.com assumed coverage on shares of Cellectar Biosciences (NASDAQ:CLRBGet Rating) in a report issued on Monday. The brokerage set a “sell” rating on the biopharmaceutical company’s stock.

A number of other brokerages have also commented on CLRB. Zacks Investment Research upgraded Cellectar Biosciences from a “hold” rating to a “buy” rating and set a $0.50 price target on the stock in a report on Tuesday, May 24th. Maxim Group cut their price target on Cellectar Biosciences to $1.25 in a report on Thursday, May 26th.

Shares of Cellectar Biosciences stock opened at $0.42 on Monday. The firm has a market cap of $25.42 million, a price-to-earnings ratio of -1.01 and a beta of 1.59. The stock’s 50-day moving average is $0.53 and its 200-day moving average is $0.58. Cellectar Biosciences has a one year low of $0.34 and a one year high of $1.83.

Cellectar Biosciences (NASDAQ:CLRBGet Rating) last issued its quarterly earnings results on Tuesday, May 10th. The biopharmaceutical company reported ($0.10) EPS for the quarter, meeting analysts’ consensus estimates of ($0.10). On average, analysts expect that Cellectar Biosciences will post -0.4 earnings per share for the current fiscal year.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in CLRB. Virtu Financial LLC acquired a new position in Cellectar Biosciences during the fourth quarter worth approximately $25,000. Geode Capital Management LLC increased its position in Cellectar Biosciences by 11.3% during the third quarter. Geode Capital Management LLC now owns 441,883 shares of the biopharmaceutical company’s stock worth $408,000 after buying an additional 44,713 shares during the last quarter. Susquehanna International Group LLP acquired a new position in Cellectar Biosciences during the fourth quarter worth approximately $33,000. 1900 Wealth Management LLC increased its position in Cellectar Biosciences by 100.0% during the first quarter. 1900 Wealth Management LLC now owns 120,000 shares of the biopharmaceutical company’s stock worth $83,000 after buying an additional 60,000 shares during the last quarter. Finally, Bank of New York Mellon Corp increased its position in Cellectar Biosciences by 325.5% during the third quarter. Bank of New York Mellon Corp now owns 121,738 shares of the biopharmaceutical company’s stock worth $113,000 after buying an additional 93,129 shares during the last quarter. Institutional investors and hedge funds own 27.54% of the company’s stock.

About Cellectar Biosciences (Get Rating)

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 in patients with relapsed or refractory (r/r) Waldenstrom's macroglobulinemia and B-cell malignancies; Phase 2B clinical study in r/r multiple myeloma (MM) patients; and Phase I study for various pediatric cancers, r/r head and neck cancers, and R/R MM.

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