Cellectar Biosciences, Inc. (NASDAQ:CLRB) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research note issued on Friday.

According to Zacks, “Cellectar Biosciences, Inc. is developing agents to detect, treat and monitor a broad spectrum of cancers. It uses a novel phospholipid ether platform technology as a targeted delivery and retention vehicle. Cellectar Biosciences Inc., formerly known as Novelos Therapeutics, Inc., is headquartered in Madison, Wisconsin. “

Separately, ValuEngine upgraded Cellectar Biosciences from a “strong sell” rating to a “sell” rating in a research report on Friday, September 1st.

Shares of Cellectar Biosciences (NASDAQ:CLRB) traded down 0.64% during midday trading on Friday, reaching $1.55. 84,212 shares of the company’s stock traded hands. Cellectar Biosciences has a one year low of $1.12 and a one year high of $3.20. The firm’s market capitalization is $21.58 million. The stock’s 50-day moving average price is $1.60 and its 200 day moving average price is $1.86.

Cellectar Biosciences (NASDAQ:CLRB) last released its earnings results on Monday, August 14th. The biopharmaceutical company reported ($0.23) earnings per share for the quarter, topping the consensus estimate of ($0.24) by $0.01. On average, equities research analysts expect that Cellectar Biosciences will post ($0.92) earnings per share for the current fiscal year.

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An institutional investor recently raised its position in Cellectar Biosciences stock. Vanguard Group Inc. lifted its position in Cellectar Biosciences, Inc. (NASDAQ:CLRB) by 31.8% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 147,208 shares of the biopharmaceutical company’s stock after acquiring an additional 35,482 shares during the quarter. Vanguard Group Inc. owned 1.09% of Cellectar Biosciences worth $240,000 as of its most recent SEC filing. Institutional investors own 2.63% of the company’s stock.

About Cellectar Biosciences

Cellectar Biosciences, Inc, formerly Novelos Therapeutics, Inc, is a clinical stage biopharmaceutical company. The Company is engaged in developing phospholipid ether-drug conjugates (PDCs) for the treatment and diagnostic imaging of cancer. Its research and development program is based on its PDC cancer targeting delivery platform.

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