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

Equities research analysts at StockNews.com initiated coverage on shares of Cellectar Biosciences (NASDAQ:CLRB) in a report issued on Monday. The firm set a “sell” rating on the biopharmaceutical company’s stock.

Other research analysts also recently issued reports about the company. LADENBURG THALM/SH SH initiated coverage on Cellectar Biosciences in a report on Thursday, December 5th. They issued a “buy” rating and a $13.00 price target for the company. Oppenheimer reiterated a “market perform” rating on shares of Cellectar Biosciences in a report on Wednesday, December 11th.

Cellectar Biosciences Stock Performance

CLRB stock opened at $0.31 on Monday. The stock’s 50 day moving average price is $0.29 and its 200 day moving average price is $1.19. The firm has a market cap of $14.41 million, a P/E ratio of -0.18 and a beta of 0.96. Cellectar Biosciences has a 1 year low of $0.22 and a 1 year high of $4.17.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the company. Oppenheimer & Co. Inc. purchased a new position in shares of Cellectar Biosciences in the 3rd quarter worth $27,000. JPMorgan Chase & Co. raised its position in shares of Cellectar Biosciences by 687.3% in the 4th quarter. JPMorgan Chase & Co. now owns 182,403 shares of the biopharmaceutical company’s stock worth $55,000 after buying an additional 159,234 shares during the period. Bank of America Corp DE raised its position in shares of 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 buying an additional 41,704 shares during the period. Squarepoint Ops LLC purchased a new position in shares of Cellectar Biosciences in the 4th quarter worth $156,000. Finally, Geode Capital Management LLC raised its position in shares of Cellectar Biosciences by 3.3% in the 3rd quarter. Geode Capital Management LLC now owns 352,452 shares of the biopharmaceutical company’s stock worth $754,000 after buying an additional 11,266 shares during the period. 16.41% of the stock is owned by hedge funds and other institutional investors.

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.