Cellectar Biosciences (NASDAQ:CLRB) Coverage Initiated by Analysts at StockNews.com

StockNews.com initiated coverage on shares of Cellectar Biosciences (NASDAQ:CLRB) in a research report sent to investors on Monday. The firm issued a sell rating on the biopharmaceutical company’s stock.

Cellectar Biosciences Price Performance

Shares of Cellectar Biosciences stock opened at $0.27 on Monday. Cellectar Biosciences has a 1-year low of $0.22 and a 1-year high of $3.49. The company’s fifty day simple moving average is $0.30 and its 200-day simple moving average is $0.68. The stock has a market capitalization of $12.26 million, a PE ratio of -0.15 and a beta of 0.48.

Institutional Trading of Cellectar Biosciences

Several hedge funds have recently bought and sold shares of the stock. JPMorgan Chase & Co. lifted its position in shares of Cellectar Biosciences by 687.3% during the 4th quarter. JPMorgan Chase & Co. now owns 182,403 shares of the biopharmaceutical company’s stock valued at $55,000 after buying an additional 159,234 shares in the last quarter. Bank of America Corp DE increased 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 worth $62,000 after acquiring an additional 41,704 shares in the last quarter. Sequoia Financial Advisors LLC raised its stake in Cellectar Biosciences by 1,301.8% during the 1st quarter. Sequoia Financial Advisors LLC now owns 203,260 shares of the biopharmaceutical company’s stock worth $64,000 after acquiring an additional 188,760 shares during the period. Squarepoint Ops LLC purchased a new position in Cellectar Biosciences during the fourth quarter valued at approximately $156,000. Finally, Geode Capital Management LLC boosted its position in shares of Cellectar Biosciences by 3.3% in the third 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. Institutional investors 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.