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

Equities research analysts at StockNews.com assumed coverage on shares of Cellectar Biosciences (NASDAQ:CLRB) in a note issued to investors on Thursday. The brokerage set a “sell” rating on the biopharmaceutical company’s stock.

CLRB has been the subject of a number of other reports. LADENBURG THALM/SH SH initiated coverage on Cellectar Biosciences in a research report on Thursday, December 5th. They set a “buy” rating and a $13.00 target price for the company. Oppenheimer reaffirmed a “market perform” rating on shares of Cellectar Biosciences in a research note on Wednesday, December 11th.

Cellectar Biosciences Stock Down 9.8 %

Shares of NASDAQ:CLRB opened at $0.26 on Thursday. The firm has a market cap of $12.18 million, a PE ratio of -0.15 and a beta of 0.67. The company’s 50 day moving average price is $0.31 and its two-hundred day moving average price is $0.98. Cellectar Biosciences has a 12-month low of $0.22 and a 12-month high of $3.84.

Hedge Funds Weigh In On Cellectar Biosciences

A number of institutional investors have recently modified their holdings of CLRB. Squarepoint Ops LLC bought a new position in shares of Cellectar Biosciences in the fourth quarter worth about $156,000. Geode Capital Management LLC increased its position in Cellectar Biosciences by 3.3% during the 3rd 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 in the last quarter. Bank of America Corp DE increased its position in Cellectar Biosciences by 25.3% during the 4th 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 in the last quarter. Finally, JPMorgan Chase & Co. lifted its stake in Cellectar Biosciences by 687.3% in the 4th 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 last quarter. Institutional investors and hedge funds own 16.41% of the company’s stock.

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.