Cellectar Biosciences (NASDAQ:CLRB) Coverage Initiated at StockNews.com

Equities researchers at StockNews.com initiated coverage on shares of Cellectar Biosciences (NASDAQ:CLRB – Get Rating) in a report issued on Wednesday. The brokerage set a “sell” rating on the biopharmaceutical company’s stock.

Separately, Oppenheimer cut their price objective on shares of Cellectar Biosciences from $11.00 to $10.00 in a research report on Friday, May 5th.

Cellectar Biosciences Trading Down 2.0 %

NASDAQ:CLRB opened at $1.50 on Wednesday. The stock’s 50-day moving average is $1.47 and its 200-day moving average is $1.61. Cellectar Biosciences has a 1-year low of $1.25 and a 1-year high of $6.76. The stock has a market cap of $14.61 million, a P/E ratio of -0.39 and a beta of 1.18.

Cellectar Biosciences (NASDAQ:CLRB – Get Rating) last released its quarterly earnings data on Thursday, March 9th. The biopharmaceutical company reported ($0.55) earnings per share for the quarter, topping the consensus estimate of ($0.83) by $0.28. As a group, equities analysts forecast that Cellectar Biosciences will post -2.18 EPS for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in CLRB. State Street Corp boosted its holdings in shares of Cellectar Biosciences by 4.5% during the 2nd quarter. State Street Corp now owns 157,146 shares of the biopharmaceutical company’s stock valued at $63,000 after buying an additional 6,800 shares in the last quarter. Renaissance Technologies LLC grew its stake in shares of Cellectar Biosciences by 31.3% during the 2nd quarter. Renaissance Technologies LLC now owns 166,500 shares of the biopharmaceutical company’s stock valued at $67,000 after acquiring an additional 39,700 shares during the period. Worth Venture Partners LLC boosted its stake in Cellectar Biosciences by 122.8% in the 1st quarter. Worth Venture Partners LLC now owns 458,245 shares of the biopharmaceutical company’s stock worth $315,000 after purchasing an additional 252,570 shares during the period. Finally, AIGH Capital Management LLC boosted its position in shares of Cellectar Biosciences by 434.3% during the 4th quarter. AIGH Capital Management LLC now owns 931,888 shares of the biopharmaceutical company’s stock valued at $1,594,000 after acquiring an additional 757,466 shares during the last quarter. 23.23% of the stock is owned by hedge funds and other institutional investors.

About Cellectar Biosciences

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Cellectar Biosciences, Inc engages in the development of phospholipid drug conjugates (PDCs) for the treatment and imaging of cancer. Its portfolio includes CLR 131, which seeks to treat relapse or refractory multiple myeloma, CLR 125, which intends to treat micro metastatic disease, CLR 124 which could detect tumors and metastases in a broad range of cancers and CLR 1502, a cancer-targeting near-infrared-fluorophore optical imaging PDC for intraoperative tumor and tumor margin illumination.