Cellectar Biosciences (NASDAQ:CLRB) Cut to Sell at Wall Street Zen

Wall Street Zen cut shares of Cellectar Biosciences (NASDAQ:CLRB) from a hold rating to a sell rating in a report issued on Saturday.

A number of other research firms have also recently weighed in on CLRB. Roth Capital reaffirmed a “buy” rating and set a $11.00 target price on shares of Cellectar Biosciences in a research note on Tuesday, May 5th. Weiss Ratings reiterated a “sell (e+)” rating on shares of Cellectar Biosciences in a research note on Friday, July 17th. LADENBURG THALM/SH SH began coverage on Cellectar Biosciences in a report on Friday, May 15th. They set a “buy” rating on the stock. Finally, Brookline Capital Markets upgraded Cellectar Biosciences to a “strong-buy” rating in a research report on Sunday, July 12th. One equities research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $11.00.

Cellectar Biosciences Stock Performance

Cellectar Biosciences stock opened at $2.56 on Friday. The stock has a fifty day moving average of $2.57 and a 200-day moving average of $2.85. The stock has a market capitalization of $24.19 million, a P/E ratio of -0.67 and a beta of 0.55. Cellectar Biosciences has a 52 week low of $2.20 and a 52 week high of $6.52.

Cellectar Biosciences (NASDAQ:CLRB) last issued its earnings results on Thursday, August 13th. The biopharmaceutical company reported ($0.57) EPS for the quarter, missing the consensus estimate of ($0.52) by ($0.05). On average, research analysts forecast that Cellectar Biosciences will post -2.49 earnings per share for the current year.

Hedge Funds Weigh In On Cellectar Biosciences

Hedge funds have recently made changes to their positions in the stock. Bank of America Corp DE lifted its position in shares of 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 during the period. DRW Securities LLC lifted its stake in Cellectar Biosciences by 114.2% in the fourth quarter. DRW Securities LLC now owns 45,190 shares of the biopharmaceutical company’s stock valued at $133,000 after buying an additional 24,089 shares during the period. Geode Capital Management LLC increased its stake in shares of Cellectar Biosciences by 15.0% in the 4th quarter. Geode Capital Management LLC now owns 28,636 shares of the biopharmaceutical company’s stock valued at $84,000 after acquiring an additional 3,744 shares in the last quarter. Sequoia Financial Advisors LLC boosted its stake in Cellectar Biosciences by 135.1% during the fourth quarter. Sequoia Financial Advisors LLC now owns 25,350 shares of the biopharmaceutical company’s stock worth $75,000 after acquiring an additional 14,567 shares in the last quarter. Finally, Citadel Advisors LLC acquired a new position in shares of Cellectar Biosciences during the third quarter valued at about $104,000. 16.41% of the stock is currently owned by institutional investors.

About Cellectar Biosciences

Cellectar Biosciences, Inc is a clinical‐stage biopharmaceutical company focused on the development of targeted cancer therapies and imaging agents. The company’s proprietary phospholipid drug conjugate (PDC) technology platform is designed to selectively deliver therapeutic and diagnostic payloads to malignant cells while sparing healthy tissue. Through its PDC approach, Cellectar aims to improve the efficacy and safety profile of traditional treatments like chemotherapy and radiotherapy.

Its lead therapeutic candidate, CLR 131, is a radioisotope‐labeled PDC being evaluated in Phase II clinical trials for relapsed or refractory B‐cell malignancies, including multiple myeloma and non‐Hodgkin lymphoma.