Cellectar Biosciences, Inc. (NASDAQ:CLRB) Given Consensus Rating of “Moderate Buy” by Brokerages

Cellectar Biosciences, Inc. (NASDAQ:CLRB) has been given an average recommendation of “Moderate Buy” by the five ratings firms that are covering the stock, Marketbeat Ratings reports. One analyst has rated the stock with a sell rating, three have given a buy rating and one has given a strong buy rating to the company. The average 12 month target price among analysts that have updated their coverage on the stock in the last year is $11.00.

Several research analysts have commented on CLRB shares. Weiss Ratings reiterated a “sell (e+)” rating on shares of Cellectar Biosciences in a report on Friday, July 17th. LADENBURG THALM/SH SH started coverage on shares of Cellectar Biosciences in a research report on Friday, May 15th. They set a “buy” rating for the company. Brookline Capital Markets upgraded shares of Cellectar Biosciences to a “strong-buy” rating in a research note on Sunday, July 12th. Roth Capital reissued a “buy” rating and issued a $11.00 target price on shares of Cellectar Biosciences in a report on Tuesday, May 5th. Finally, Wall Street Zen cut Cellectar Biosciences from a “hold” rating to a “sell” rating in a research note on Saturday, August 15th.

Cellectar Biosciences Stock Performance

Shares of CLRB opened at $2.46 on Wednesday. The stock has a 50-day simple moving average of $2.59 and a 200-day simple moving average of $2.80. The stock has a market capitalization of $23.25 million, a PE ratio of -0.64 and a beta of 0.55. Cellectar Biosciences has a 1 year low of $2.20 and a 1 year high of $6.52.

Cellectar Biosciences (NASDAQ:CLRB) last released its earnings results on Thursday, August 13th. The biopharmaceutical company reported ($0.57) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.52) by ($0.05). Analysts predict that Cellectar Biosciences will post -2.39 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the business. Dimensional Fund Advisors LP purchased a new stake in Cellectar Biosciences during the third quarter worth approximately $73,000. Geode Capital Management LLC boosted its holdings in Cellectar Biosciences by 15.0% in 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 in the last quarter. Citadel Advisors LLC purchased a new position in Cellectar Biosciences in the third quarter valued at approximately $104,000. DRW Securities LLC increased 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 purchasing an additional 24,089 shares during the last quarter. Finally, Bank of America Corp DE raised its holdings in Cellectar Biosciences by 25.3% during 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 in the last quarter. Hedge funds and other institutional investors own 16.41% of the company’s stock.

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.