StockNews.com Begins Coverage on Cellectar Biosciences (NASDAQ:CLRB)

Research analysts at StockNews.com initiated coverage on shares of Cellectar Biosciences (NASDAQ:CLRB) in a research note issued to investors on Tuesday. The brokerage set a “sell” rating on the biopharmaceutical company’s stock.

Other analysts also recently issued research reports about the stock. LADENBURG THALM/SH SH started coverage on shares of Cellectar Biosciences in a report on Thursday, December 5th. They set a “buy” rating and a $13.00 price objective on the stock. Oppenheimer reissued a “market perform” rating on shares of Cellectar Biosciences in a report on Wednesday, December 11th.

Cellectar Biosciences Stock Up 2.3 %

Shares of NASDAQ:CLRB opened at $0.39 on Tuesday. The company has a market cap of $17.77 million, a price-to-earnings ratio of -0.22 and a beta of 0.96. Cellectar Biosciences has a fifty-two week low of $0.22 and a fifty-two week high of $4.17. The firm’s 50-day simple moving average is $0.29 and its 200-day simple moving average is $1.12.

Hedge Funds Weigh In On Cellectar Biosciences

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in CLRB. Oppenheimer & Co. Inc. acquired a new position in Cellectar Biosciences during the third quarter worth about $27,000. Geode Capital Management LLC raised its position in Cellectar Biosciences by 3.3% during the third quarter. Geode Capital Management LLC now owns 352,452 shares of the biopharmaceutical company’s stock worth $754,000 after acquiring an additional 11,266 shares during the last quarter. JPMorgan Chase & Co. raised 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 worth $55,000 after acquiring an additional 159,234 shares during the last quarter. Bank of America Corp DE raised its position 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 acquiring an additional 41,704 shares during the last quarter. Finally, Squarepoint Ops LLC acquired a new position in Cellectar Biosciences during the fourth quarter worth about $156,000. Institutional investors and hedge funds 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.