Cellectar Biosciences, Inc. (NASDAQ:CLRB) Receives Average Rating of “Moderate Buy” from Analysts

Cellectar Biosciences, Inc. (NASDAQ:CLRB) has been assigned a consensus recommendation of “Moderate Buy” from the five brokerages that are covering the firm, Marketbeat Ratings reports. One research analyst has rated the stock with a sell recommendation, three have assigned a buy recommendation and one has assigned a strong buy recommendation to the company. The average twelve-month price target among brokerages that have issued ratings on the stock in the last year is $11.00.

Several research firms recently weighed in on CLRB. Wall Street Zen upgraded Cellectar Biosciences to a “hold” rating in a research report on Saturday, June 20th. Weiss Ratings restated a “sell (e+)” rating on shares of Cellectar Biosciences in a research report on Monday, April 20th. Roth Capital reaffirmed a “buy” rating and issued a $11.00 price objective on shares of Cellectar Biosciences in a research note on Tuesday, May 5th. Brookline Capital Markets raised Cellectar Biosciences to a “strong-buy” rating in a research report on Sunday. Finally, LADENBURG THALM/SH SH began coverage on Cellectar Biosciences in a research note on Friday, May 15th. They set a “buy” rating for the company.

Hedge Funds Weigh In On Cellectar Biosciences

Institutional investors have recently bought and sold shares of the stock. XTX Topco Ltd purchased a new stake in shares of Cellectar Biosciences during the 4th quarter worth approximately $36,000. Bank of America Corp DE increased its position in Cellectar Biosciences by 25.3% in the fourth 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. Dimensional Fund Advisors LP purchased a new stake in Cellectar Biosciences during the third quarter valued at $73,000. Sequoia Financial Advisors LLC raised 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 valued at $75,000 after purchasing an additional 14,567 shares in the last quarter. Finally, Geode Capital Management LLC lifted its position in Cellectar Biosciences by 15.0% during the fourth quarter. Geode Capital Management LLC now owns 28,636 shares of the biopharmaceutical company’s stock valued at $84,000 after purchasing an additional 3,744 shares during the last quarter. 16.41% of the stock is owned by hedge funds and other institutional investors.

Cellectar Biosciences Stock Down 6.7%

Shares of CLRB opened at $2.63 on Tuesday. Cellectar Biosciences has a twelve month low of $2.20 and a twelve month high of $6.52. The company has a market capitalization of $21.01 million, a P/E ratio of -0.39 and a beta of 0.55. The firm has a 50 day moving average of $2.81 and a 200 day moving average of $2.99.

Cellectar Biosciences (NASDAQ:CLRB) last posted its earnings results on Thursday, May 14th. The biopharmaceutical company reported ($1.33) earnings per share (EPS) for the quarter, beating the consensus estimate of ($1.88) by $0.55. On average, sell-side analysts expect that Cellectar Biosciences will post -2.34 EPS for the current year.

Cellectar Biosciences Company Profile

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.