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

Analysts at StockNews.com assumed coverage on shares of Cellectar Biosciences (NASDAQ:CLRB) in a research note issued on Saturday. The firm set a “sell” rating on the biopharmaceutical company’s stock.

Cellectar Biosciences Stock Performance

Shares of NASDAQ CLRB opened at $0.30 on Friday. The firm has a market cap of $13.78 million, a P/E ratio of -0.17 and a beta of 0.67. Cellectar Biosciences has a 1 year low of $0.22 and a 1 year high of $3.51. The firm’s 50 day moving average price is $0.31 and its 200 day moving average price is $0.82.

Hedge Funds Weigh In On Cellectar Biosciences

Several institutional investors have recently added to or reduced their stakes in the business. Geode Capital Management LLC grew its holdings in Cellectar Biosciences by 3.3% in the 3rd quarter. Geode Capital Management LLC now owns 352,452 shares of the biopharmaceutical company’s stock valued at $754,000 after buying an additional 11,266 shares during the period. JPMorgan Chase & Co. grew its holdings in Cellectar Biosciences by 687.3% in the fourth quarter. JPMorgan Chase & Co. now owns 182,403 shares of the biopharmaceutical company’s stock valued at $55,000 after purchasing an additional 159,234 shares during the period. Bank of America Corp DE increased its position in 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 purchasing an additional 41,704 shares during the last quarter. Finally, Squarepoint Ops LLC purchased a new position in Cellectar Biosciences during the fourth quarter worth approximately $156,000. 16.41% of the stock is currently owned by institutional investors and hedge funds.

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.