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

StockNews.com started coverage on shares of Cellectar Biosciences (NASDAQ:CLRB) in a research note published on Wednesday. The brokerage issued a sell rating on the biopharmaceutical company’s stock.

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

Cellectar Biosciences Trading Down 7.1 %

Shares of CLRB opened at $0.33 on Wednesday. Cellectar Biosciences has a 12-month low of $0.22 and a 12-month high of $4.15. The stock has a market cap of $15.43 million, a P/E ratio of -0.19 and a beta of 0.96. The company has a 50-day moving average of $0.30 and a two-hundred day moving average of $1.04.

Hedge Funds Weigh In On Cellectar Biosciences

Institutional investors have recently modified their holdings of the company. JPMorgan Chase & Co. boosted 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 holdings in Cellectar Biosciences by 25.3% in the 4th quarter. Bank of America Corp DE now owns 206,783 shares of the biopharmaceutical company’s stock valued at $62,000 after acquiring an additional 41,704 shares during the last quarter. Geode Capital Management LLC lifted its stake in shares of Cellectar Biosciences by 3.3% during the 3rd quarter. Geode Capital Management LLC now owns 352,452 shares of the biopharmaceutical company’s stock worth $754,000 after purchasing an additional 11,266 shares during the period. Finally, Squarepoint Ops LLC acquired a new stake in shares of Cellectar Biosciences during the fourth quarter worth $156,000. Institutional investors and hedge funds own 16.41% of the company’s stock.

Cellectar Biosciences Company Profile

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.