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

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. “

Cellectar Biosciences (CLRB) traded down $0.03 on Tuesday, hitting $1.17. 125,923 shares of the stock were exchanged, compared to its average volume of 418,110. The stock has a market cap of $18.50, a price-to-earnings ratio of -1.09 and a beta of 0.97. Cellectar Biosciences has a 12-month low of $1.06 and a 12-month high of $3.07.

Cellectar Biosciences (NASDAQ:CLRB) last released its quarterly earnings results on Thursday, November 9th. The biopharmaceutical company reported ($0.26) EPS for the quarter, missing analysts’ consensus estimates of ($0.25) by ($0.01). equities research analysts predict that Cellectar Biosciences will post -0.96 earnings per share for the current year.

An institutional investor recently raised its position in Cellectar Biosciences stock. Vanguard Group Inc. lifted its stake in shares of Cellectar Biosciences Inc (NASDAQ:CLRB) by 31.8% in the second quarter, according to its most recent filing with the SEC. The fund owned 147,208 shares of the biopharmaceutical company’s stock after acquiring an additional 35,482 shares during the period. Vanguard Group Inc. owned approximately 1.09% of Cellectar Biosciences worth $240,000 as of its most recent SEC filing. Institutional investors and hedge funds own 1.71% of the company’s stock.

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Cellectar Biosciences Company Profile

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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