Oppenheimer Reaffirms Outperform Rating for Cellectar Biosciences (NASDAQ:CLRB)

Cellectar Biosciences (NASDAQ:CLRB)‘s stock had its “outperform” rating restated by research analysts at Oppenheimer in a research note issued on Thursday, Benzinga reports. They presently have a $12.00 price objective on the biopharmaceutical company’s stock, up from their prior price objective of $11.00. Oppenheimer’s price objective suggests a potential upside of 230.12% from the company’s previous close.

Other equities analysts have also issued reports about the company. Roth Mkm reaffirmed a “buy” rating and issued a $20.00 target price on shares of Cellectar Biosciences in a research report on Monday, March 4th. StockNews.com raised Cellectar Biosciences to a “sell” rating in a research report on Thursday, December 28th.

Cellectar Biosciences Stock Down 5.6 %

Shares of CLRB opened at $3.64 on Thursday. The business’s 50 day moving average is $3.68 and its two-hundred day moving average is $2.95. Cellectar Biosciences has a 52-week low of $1.30 and a 52-week high of $4.45. The firm has a market cap of $44.67 million, a price-to-earnings ratio of -1.12 and a beta of 0.93.

Institutional Investors Weigh In On Cellectar Biosciences

Several hedge funds have recently bought and sold shares of the business. Acuta Capital Partners LLC acquired a new position in Cellectar Biosciences in the 3rd quarter worth about $320,000. Renaissance Technologies LLC increased its position in Cellectar Biosciences by 11.5% in the 2nd quarter. Renaissance Technologies LLC now owns 63,990 shares of the biopharmaceutical company’s stock worth $125,000 after purchasing an additional 6,589 shares during the last quarter. Coastal Bridge Advisors LLC acquired a new position in Cellectar Biosciences in the 4th quarter worth about $64,000. State Street Corp increased its position in Cellectar Biosciences by 4.5% in the 2nd quarter. State Street Corp now owns 157,146 shares of the biopharmaceutical company’s stock worth $63,000 after purchasing an additional 6,800 shares during the last quarter. Finally, Citadel Advisors LLC acquired a new position in Cellectar Biosciences in the 2nd quarter worth about $60,000. 16.41% of the stock is 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 pediatric patients with head and neck cancer.