Analysts Set Cellectar Biosciences, Inc. (NASDAQ:CLRB) Price Target at $11.00

Shares of Cellectar Biosciences, Inc. (NASDAQ:CLRB) have earned a consensus recommendation of “Moderate Buy” from the five research firms that are covering the company, Marketbeat.com reports. One analyst has rated the stock with a sell rating, three have issued a buy rating and one has assigned a strong buy rating to the company. The average 12-month price target among brokers that have updated their coverage on the stock in the last year is $11.00.

CLRB has been the subject of a number of recent research reports. Brookline Capital Markets upgraded Cellectar Biosciences to a “strong-buy” rating in a research note on Sunday, July 12th. Wall Street Zen raised shares of Cellectar Biosciences to a “hold” rating in a research note on Saturday, June 20th. Roth Capital restated a “buy” rating and set a $11.00 target price on shares of Cellectar Biosciences in a research note on Tuesday, May 5th. Weiss Ratings reiterated a “sell (e+)” rating on shares of Cellectar Biosciences in a research note on Monday, April 20th. Finally, LADENBURG THALM/SH SH assumed coverage on Cellectar Biosciences in a research report on Friday, May 15th. They issued a “buy” rating on the stock.

Cellectar Biosciences Stock Performance

NASDAQ:CLRB opened at $2.58 on Tuesday. The stock has a 50-day simple moving average of $2.77 and a two-hundred day simple moving average of $2.99. Cellectar Biosciences has a 52-week low of $2.20 and a 52-week high of $6.52. The firm has a market capitalization of $20.61 million, a PE ratio of -0.39 and a beta of 0.55.

Cellectar Biosciences (NASDAQ:CLRB) last posted its quarterly earnings data on Thursday, May 14th. The biopharmaceutical company reported ($1.33) EPS for the quarter, topping the consensus estimate of ($1.88) by $0.55. Equities analysts forecast that Cellectar Biosciences will post -2.34 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in CLRB. XTX Topco Ltd bought a new stake in shares of Cellectar Biosciences in the 4th quarter worth about $36,000. Bank of America Corp DE raised its position in 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 purchasing an additional 41,704 shares during the period. Dimensional Fund Advisors LP bought a new stake in Cellectar Biosciences in the third quarter worth about $73,000. Sequoia Financial Advisors LLC boosted its position in shares of Cellectar Biosciences by 135.1% during the fourth quarter. Sequoia Financial Advisors LLC now owns 25,350 shares of the biopharmaceutical company’s stock valued at $75,000 after buying an additional 14,567 shares during the period. Finally, Geode Capital Management LLC raised its holdings in shares of Cellectar Biosciences by 15.0% in the fourth quarter. Geode Capital Management LLC now owns 28,636 shares of the biopharmaceutical company’s stock worth $84,000 after buying an additional 3,744 shares during the period. Hedge funds and other institutional investors own 16.41% of the company’s stock.

Cellectar Biosciences Company Profile

Cellectar Biosciences, Inc is a clinical‐stage biopharmaceutical company focused on the development of targeted cancer therapies and imaging agents. The company’s proprietary phospholipid drug conjugate (PDC) technology platform is designed to selectively deliver therapeutic and diagnostic payloads to malignant cells while sparing healthy tissue. Through its PDC approach, Cellectar aims to improve the efficacy and safety profile of traditional treatments like chemotherapy and radiotherapy.

Its lead therapeutic candidate, CLR 131, is a radioisotope‐labeled PDC being evaluated in Phase II clinical trials for relapsed or refractory B‐cell malignancies, including multiple myeloma and non‐Hodgkin lymphoma.