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

Equities research analysts at StockNews.com began coverage on shares of Cellectar Biosciences (NASDAQ:CLRB) in a research note issued on Thursday. The brokerage set a “sell” rating on the biopharmaceutical company’s stock.

Several other research analysts have also issued reports on CLRB. LADENBURG THALM/SH SH began coverage on Cellectar Biosciences in a research report on Thursday, December 5th. They issued a “buy” rating and a $13.00 target price for the company. Oppenheimer reissued a “market perform” rating on shares of Cellectar Biosciences in a research report on Wednesday, December 11th.

Cellectar Biosciences Stock Performance

Shares of NASDAQ:CLRB opened at $0.26 on Thursday. Cellectar Biosciences has a 52-week low of $0.22 and a 52-week high of $4.45. The firm has a market capitalization of $12.05 million, a P/E ratio of -0.15 and a beta of 1.05. The stock has a 50 day moving average price of $0.51 and a 200-day moving average price of $1.51.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Rosalind Advisors Inc. increased its position in Cellectar Biosciences by 35.7% during the 3rd quarter. Rosalind Advisors Inc. now owns 3,671,550 shares of the biopharmaceutical company’s stock valued at $7,857,000 after buying an additional 965,934 shares in the last quarter. Geode Capital Management LLC increased its position in Cellectar Biosciences by 3.3% during the 3rd quarter. Geode Capital Management LLC now owns 352,452 shares of the biopharmaceutical company’s stock valued at $754,000 after buying an additional 11,266 shares in the last quarter. Sequoia Financial Advisors LLC bought a new position in Cellectar Biosciences during the 3rd quarter valued at approximately $51,000. Finally, Oppenheimer & Co. Inc. bought a new position in Cellectar Biosciences during the 3rd quarter valued at approximately $27,000. Institutional investors 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.