Wall Street Zen Upgrades Cellectar Biosciences (NASDAQ:CLRB) to “Sell”

Cellectar Biosciences (NASDAQ:CLRB) was upgraded by equities researchers at Wall Street Zen to a “sell” rating in a report released on Friday.

Separately, Maxim Group reissued a “hold” rating on shares of Cellectar Biosciences in a research report on Wednesday, May 14th.

Cellectar Biosciences Stock Performance

CLRB opened at $7.90 on Friday. The company has a market cap of $14.30 million, a PE ratio of -0.36 and a beta of 0.52. The stock has a 50-day moving average of $8.91 and a 200-day moving average of $8.80. Cellectar Biosciences has a 52-week low of $6.50 and a 52-week high of $94.50.

Cellectar Biosciences (NASDAQ:CLRB) last released its quarterly earnings results on Tuesday, May 13th. The biopharmaceutical company reported ($3.90) earnings per share (EPS) for the quarter, topping the consensus estimate of ($5.10) by $1.20. On average, research analysts predict that Cellectar Biosciences will post -1.59 earnings per share for the current year.

Hedge Funds Weigh In On Cellectar Biosciences

Several large investors have recently made changes to their positions in CLRB. JPMorgan Chase & Co. lifted its position in shares of Cellectar Biosciences by 687.3% during the 4th quarter. JPMorgan Chase & Co. now owns 182,403 shares of the biopharmaceutical company’s stock worth $55,000 after purchasing an additional 159,234 shares during the last quarter. Bank of America Corp DE lifted its position in shares of Cellectar Biosciences by 25.3% during 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 during the last quarter. Squarepoint Ops LLC acquired a new position in shares of Cellectar Biosciences during the 4th quarter worth about $156,000. Sequoia Financial Advisors LLC lifted its position in shares of Cellectar Biosciences by 1,301.8% during the 1st quarter. Sequoia Financial Advisors LLC now owns 203,260 shares of the biopharmaceutical company’s stock worth $64,000 after purchasing an additional 188,760 shares during the last quarter. Finally, XTX Topco Ltd lifted its position in shares of Cellectar Biosciences by 122.6% during the 1st quarter. XTX Topco Ltd now owns 104,323 shares of the biopharmaceutical company’s stock worth $33,000 after purchasing an additional 57,447 shares during the last quarter. 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.