Cellectar Biosciences (CLRB) Rating Increased to Buy at Zacks Investment Research

Zacks Investment Research upgraded shares of Cellectar Biosciences (NASDAQ:CLRB) from a hold rating to a buy rating in a report issued on Thursday morning. They currently have $1.25 price objective on the biopharmaceutical company’s stock.

According to Zacks, “Cellectar Biosciences, Inc. is developing agents to detect, treat and monitor a broad spectrum of cancers. It uses a novel phospholipid ether platform technology as a targeted delivery and retention vehicle. Cellectar Biosciences Inc., formerly known as Novelos Therapeutics, Inc., is headquartered in Madison, Wisconsin. “

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Separately, ValuEngine upgraded shares of Cellectar Biosciences from a strong sell rating to a sell rating in a research note on Friday, February 2nd.

Shares of NASDAQ:CLRB traded up $0.01 on Thursday, hitting $1.16. 126,831 shares of the company were exchanged, compared to its average volume of 275,548. Cellectar Biosciences has a 1-year low of $1.03 and a 1-year high of $2.25. The company has a market capitalization of $19.52, a P/E ratio of -1.08 and a beta of 0.75.

Cellectar Biosciences (NASDAQ:CLRB) last posted its quarterly earnings data on Wednesday, March 21st. The biopharmaceutical company reported ($0.34) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.23) by ($0.11). research analysts forecast that Cellectar Biosciences will post -0.71 earnings per share for the current fiscal year.

In other news, CEO James V. Caruso sold 34,000 shares of Cellectar Biosciences stock in a transaction on Monday, March 12th. The shares were sold at an average price of $1.20, for a total transaction of $40,800.00. Following the completion of the sale, the chief executive officer now directly owns 213,548 shares in the company, valued at $256,257.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Insiders own 10.17% of the company’s stock.

A hedge fund recently raised its stake in Cellectar Biosciences stock. Vanguard Group Inc. lifted its stake in shares of Cellectar Biosciences (NASDAQ:CLRB) by 31.8% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 147,208 shares of the biopharmaceutical company’s stock after buying an additional 35,482 shares during the period. Vanguard Group Inc. owned approximately 1.09% of Cellectar Biosciences worth $240,000 at the end of the most recent quarter. Institutional investors and hedge funds own 8.37% of the company’s stock.

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About Cellectar Biosciences

Cellectar Biosciences, Inc, a clinical stage biopharmaceutical company, engages in the development of targeted phospholipid drug conjugates (PDCs) for the treatment and imaging of cancer. The company offers CLR 131, a PDC cytotoxic radioisotope product candidate, which is in Phase I clinical study for the treatment of relapse or refractory multiple myeloma, as well as in Phase II clinical study for the treatment of B-cell malignancies; and CLR 125, a cancer-targeting radiotherapeutic is under pre-clinical investigation for the treatment of micrometastatic disease.

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