Cellectar Biosciences (NASDAQ:CLRB) Research Coverage Started at StockNews.com

StockNews.com initiated coverage on shares of Cellectar Biosciences (NASDAQ:CLRB) in a report released on Saturday morning. The brokerage issued a sell rating on the biopharmaceutical company’s stock.

Cellectar Biosciences Price Performance

Shares of CLRB opened at $0.29 on Friday. The stock has a market capitalization of $13.37 million, a price-to-earnings ratio of -0.17 and a beta of 0.67. Cellectar Biosciences has a 1 year low of $0.22 and a 1 year high of $3.51. The business’s 50 day simple moving average is $0.31 and its 200-day simple moving average is $0.81.

Institutional Trading of Cellectar Biosciences

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. JPMorgan Chase & Co. increased its position in Cellectar Biosciences by 687.3% during the fourth quarter. JPMorgan Chase & Co. now owns 182,403 shares of the biopharmaceutical company’s stock valued at $55,000 after acquiring an additional 159,234 shares during the last quarter. Bank of America Corp DE boosted its stake 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 period. Squarepoint Ops LLC purchased a new position in shares of Cellectar Biosciences during the 4th quarter worth about $156,000. Finally, Geode Capital Management LLC grew its holdings 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 purchasing an additional 11,266 shares during the last quarter. Hedge funds and other institutional investors own 16.41% of the company’s stock.

About Cellectar Biosciences

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.