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

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

Cellectar Biosciences Trading Up 5.6 %

NASDAQ:CLRB opened at $0.30 on Friday. The business’s 50-day moving average is $0.31 and its 200 day moving average is $0.84. Cellectar Biosciences has a 12 month low of $0.22 and a 12 month high of $3.51. The company has a market capitalization of $13.78 million, a P/E ratio of -0.17 and a beta of 0.67.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the company. JPMorgan Chase & Co. raised its stake in Cellectar Biosciences by 687.3% during the fourth 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 in the last quarter. Bank of America Corp DE grew its stake in shares of Cellectar Biosciences by 25.3% in the 4th quarter. Bank of America Corp DE now owns 206,783 shares of the biopharmaceutical company’s stock worth $62,000 after buying an additional 41,704 shares in the last quarter. Squarepoint Ops LLC bought a new stake in shares of Cellectar Biosciences in the 4th quarter worth about $156,000. Finally, Geode Capital Management LLC lifted its holdings in shares of Cellectar Biosciences by 3.3% in the 3rd quarter. Geode Capital Management LLC now owns 352,452 shares of the biopharmaceutical company’s stock valued at $754,000 after acquiring an additional 11,266 shares during the last quarter. 16.41% of the stock is currently owned by institutional investors.

About Cellectar Biosciences

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.