Cellectar Biosciences (NASDAQ:CLRB) Upgraded at Maxim Group

Maxim Group upgraded shares of Cellectar Biosciences (NASDAQ:CLRB) from a hold rating to a buy rating in a report published on Tuesday morning, Marketbeat Ratings reports.

Separately, Weiss Ratings reissued a “sell (e+)” rating on shares of Cellectar Biosciences in a research note on Wednesday, January 21st. Two investment analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, Cellectar Biosciences presently has an average rating of “Hold”.

Cellectar Biosciences Trading Up 9.1%

Shares of NASDAQ:CLRB opened at $3.23 on Tuesday. The company has a 50 day moving average of $3.29 and a 200 day moving average of $3.81. The stock has a market cap of $13.70 million, a P/E ratio of -0.34 and a beta of 0.31. Cellectar Biosciences has a 12 month low of $2.45 and a 12 month high of $20.60.

Cellectar Biosciences (NASDAQ:CLRB) last posted its earnings results on Wednesday, March 4th. The biopharmaceutical company reported ($0.53) earnings per share (EPS) for the quarter, topping the consensus estimate of ($1.19) by $0.66. On average, equities analysts forecast that Cellectar Biosciences will post -1.59 earnings per share for the current fiscal year.

Institutional Trading of Cellectar Biosciences

A number of hedge funds have recently made changes to their positions in CLRB. Riverview Capital Advisers LLC purchased a new position in Cellectar Biosciences in the second quarter worth $75,000. Sequoia Financial Advisors LLC purchased a new stake in Cellectar Biosciences during the third quarter valued at about $60,000. XTX Topco Ltd purchased a new stake in Cellectar Biosciences during the fourth quarter valued at about $36,000. Dimensional Fund Advisors LP bought a new stake in Cellectar Biosciences during the third quarter worth about $73,000. Finally, Citadel Advisors LLC bought a new stake in Cellectar Biosciences during the third quarter worth about $104,000. 16.41% of the stock is 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.