Oppenheimer initiated coverage on shares of Cellectar Biosciences (NASDAQ:CLRB) in a report issued on Wednesday, The Fly reports. The brokerage set an “outperform” rating and a $5.00 price target on the biopharmaceutical company’s stock. Oppenheimer’s price target suggests a potential upside of 290.63% from the company’s current price.
CLRB has been the topic of several other reports. HC Wainwright reiterated a “buy” rating and set a $3.00 target price on shares of Cellectar Biosciences in a report on Tuesday, March 10th. Zacks Investment Research lowered Cellectar Biosciences from a “hold” rating to a “sell” rating in a research report on Tuesday, June 16th. Maxim Group initiated coverage on Cellectar Biosciences in a research report on Tuesday, June 23rd. They issued a “buy” rating and a $3.00 target price for the company. Finally, ValuEngine raised Cellectar Biosciences from a “hold” rating to a “buy” rating in a report on Monday, March 9th. One analyst has rated the stock with a sell rating and six have given a buy rating to the company. The company has an average rating of “Buy” and an average price target of $4.83.
CLRB stock opened at $1.28 on Wednesday. The company has a current ratio of 2.58, a quick ratio of 2.58 and a debt-to-equity ratio of 0.10. The firm has a 50 day moving average of $1.32 and a 200-day moving average of $1.86. Cellectar Biosciences has a 12-month low of $1.01 and a 12-month high of $3.33. The company has a market cap of $12.22 million, a price-to-earnings ratio of -0.80 and a beta of 1.67.
In other Cellectar Biosciences news, CEO James V. Caruso purchased 21,740 shares of the company’s stock in a transaction on Friday, June 5th. The shares were purchased at an average cost of $1.15 per share, for a total transaction of $25,001.00. Following the completion of the transaction, the chief executive officer now owns 44,264 shares in the company, valued at $50,903.60. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Jarrod Longcor purchased 65,218 shares of the business’s stock in a transaction on Friday, June 5th. The stock was acquired at an average cost of $1.15 per share, with a total value of $75,000.70. Following the completion of the acquisition, the insider now directly owns 72,518 shares in the company, valued at approximately $83,395.70. The disclosure for this purchase can be found here. Insiders have acquired a total of 109,306 shares of company stock worth $124,442 in the last ninety days. 5.27% of the stock is owned by company insiders.
Several large investors have recently bought and sold shares of CLRB. FNY Investment Advisers LLC bought a new position in shares of Cellectar Biosciences during the 1st quarter valued at about $88,000. Game Plan Financial Advisors LLC bought a new position in shares of Cellectar Biosciences during the 4th quarter valued at about $98,000. Finally, Renaissance Technologies LLC boosted its position in shares of Cellectar Biosciences by 12.5% during the 4th quarter. Renaissance Technologies LLC now owns 199,002 shares of the biopharmaceutical company’s stock valued at $448,000 after purchasing an additional 22,100 shares in the last quarter. Institutional investors own 15.66% of the company’s stock.
Cellectar Biosciences Company Profile
Cellectar Biosciences, Inc, a clinical stage 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, which is in Phase II clinical study in patients with relapsed or refractory (R/R) multiple myeloma (MM) and a range of B-cell malignancies, as well as in Phase I clinical study for R/R MM.
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