Cellectar Biosciences, Inc. (NASDAQ:CLRB) Given Average Recommendation of “Moderate Buy” by Brokerages

Cellectar Biosciences, Inc. (NASDAQ:CLRB) has received a consensus recommendation of “Moderate Buy” from the five analysts that are presently covering the stock, MarketBeat reports. One equities research analyst has rated the stock with a sell recommendation, three have given a buy recommendation and one has assigned a strong buy recommendation to the company. The average 1-year target price among brokers that have covered the stock in the last year is $11.00.

A number of equities research analysts have recently commented on the company. Wall Street Zen raised Cellectar Biosciences to a “hold” rating in a research report on Saturday, June 20th. Roth Capital reiterated a “buy” rating and issued a $11.00 price objective on shares of Cellectar Biosciences in a research report on Tuesday, May 5th. LADENBURG THALM/SH SH began coverage on Cellectar Biosciences in a research report on Friday, May 15th. They issued a “buy” rating for the company. Brookline Capital Markets raised Cellectar Biosciences to a “strong-buy” rating in a research note on Sunday, July 12th. Finally, Weiss Ratings restated a “sell (e+)” rating on shares of Cellectar Biosciences in a report on Monday, April 20th.

Institutional Investors Weigh In On Cellectar Biosciences

Several large investors have recently made changes to their positions in the stock. Bank of America Corp DE raised its holdings in shares of 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 period. DRW Securities LLC boosted its stake in Cellectar Biosciences by 114.2% in the 4th quarter. DRW Securities LLC now owns 45,190 shares of the biopharmaceutical company’s stock worth $133,000 after purchasing an additional 24,089 shares during the period. Geode Capital Management LLC boosted its stake in Cellectar Biosciences by 15.0% in the 4th quarter. Geode Capital Management LLC now owns 28,636 shares of the biopharmaceutical company’s stock worth $84,000 after purchasing an additional 3,744 shares during the period. Sequoia Financial Advisors LLC boosted its stake in Cellectar Biosciences by 135.1% in the 4th quarter. Sequoia Financial Advisors LLC now owns 25,350 shares of the biopharmaceutical company’s stock worth $75,000 after purchasing an additional 14,567 shares during the period. Finally, Citadel Advisors LLC bought a new position in Cellectar Biosciences during the 3rd quarter worth about $104,000. Institutional investors own 16.41% of the company’s stock.

Cellectar Biosciences Stock Down 2.7%

CLRB opened at $2.51 on Tuesday. The stock has a market cap of $20.05 million, a P/E ratio of -0.38 and a beta of 0.55. Cellectar Biosciences has a 12 month low of $2.20 and a 12 month high of $6.52. The company has a fifty day simple moving average of $2.76 and a 200 day simple moving average of $2.98.

Cellectar Biosciences (NASDAQ:CLRB) last posted its earnings results on Thursday, May 14th. The biopharmaceutical company reported ($1.33) earnings per share for the quarter, topping the consensus estimate of ($1.88) by $0.55. On average, equities research analysts expect that Cellectar Biosciences will post -2.34 earnings per share for the current fiscal year.

About Cellectar Biosciences

Cellectar Biosciences, Inc is a clinical‐stage biopharmaceutical company focused on the development of targeted cancer therapies and imaging agents. The company’s proprietary phospholipid drug conjugate (PDC) technology platform is designed to selectively deliver therapeutic and diagnostic payloads to malignant cells while sparing healthy tissue. Through its PDC approach, Cellectar aims to improve the efficacy and safety profile of traditional treatments like chemotherapy and radiotherapy.

Its lead therapeutic candidate, CLR 131, is a radioisotope‐labeled PDC being evaluated in Phase II clinical trials for relapsed or refractory B‐cell malignancies, including multiple myeloma and non‐Hodgkin lymphoma.