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

StockNews.com assumed coverage on shares of Cellectar Biosciences (NASDAQ:CLRB) in a report released on Saturday. The brokerage issued a sell rating on the biopharmaceutical company’s stock.

A number of other analysts have also recently weighed in on the company. LADENBURG THALM/SH SH initiated coverage on Cellectar Biosciences in a research report on Thursday, December 5th. They issued a “buy” rating and a $13.00 price objective for the company. Oppenheimer reiterated a “market perform” rating on shares of Cellectar Biosciences in a research note on Wednesday, December 11th.

Cellectar Biosciences Stock Performance

Shares of Cellectar Biosciences stock opened at $0.29 on Friday. Cellectar Biosciences has a one year low of $0.22 and a one year high of $4.45. The company has a market capitalization of $13.50 million, a PE ratio of -0.17 and a beta of 1.05. The company has a 50-day simple moving average of $0.28 and a two-hundred day simple moving average of $1.34.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the stock. Oppenheimer & Co. Inc. acquired a new stake in shares of Cellectar Biosciences during the 3rd quarter worth approximately $27,000. Sequoia Financial Advisors LLC acquired a new position in Cellectar Biosciences in the 3rd quarter worth about $51,000. JPMorgan Chase & Co. boosted its position in Cellectar Biosciences by 687.3% during the fourth quarter. JPMorgan Chase & Co. now owns 182,403 shares of the biopharmaceutical company’s stock worth $55,000 after purchasing an additional 159,234 shares in the last quarter. Bank of America Corp DE grew its holdings in Cellectar Biosciences by 25.3% in the fourth quarter. Bank of America Corp DE now owns 206,783 shares of the biopharmaceutical company’s stock valued at $62,000 after purchasing an additional 41,704 shares during the period. Finally, Squarepoint Ops LLC purchased a new stake in shares of Cellectar Biosciences in the fourth quarter valued at approximately $156,000. 16.41% of the stock is currently owned by hedge funds and other institutional investors.

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.