Cellectar Biosciences (NASDAQ:CLRB) Rating Increased to Buy at Maxim Group

Maxim Group upgraded shares of Cellectar Biosciences (NASDAQ:CLRB) from a hold rating to a buy rating in a report issued on Tuesday morning, MarketBeat Ratings reports.

Separately, Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Cellectar Biosciences in a research note on Wednesday, January 21st. Two investment analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold”.

Cellectar Biosciences Price Performance

NASDAQ:CLRB opened at $3.05 on Tuesday. Cellectar Biosciences has a fifty-two week low of $2.45 and a fifty-two week high of $20.60. The stock has a market capitalization of $12.93 million, a PE ratio of -0.32 and a beta of 0.31. The business’s 50-day simple moving average is $3.28 and its 200-day simple moving average is $3.82.

Cellectar Biosciences (NASDAQ:CLRB) last issued its quarterly earnings data on Wednesday, March 4th. The biopharmaceutical company reported ($0.53) earnings per share (EPS) for the quarter, beating the consensus estimate of ($1.19) by $0.66. On average, research analysts expect that Cellectar Biosciences will post -1.59 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in CLRB. Bank of America Corp DE increased its stake 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 valued at $62,000 after buying an additional 41,704 shares during the last quarter. DRW Securities LLC boosted its stake in shares of Cellectar Biosciences by 114.2% during the 4th quarter. DRW Securities LLC now owns 45,190 shares of the biopharmaceutical company’s stock worth $133,000 after buying an additional 24,089 shares during the last quarter. Geode Capital Management LLC grew its holdings in shares of Cellectar Biosciences by 15.0% in the 4th quarter. Geode Capital Management LLC now owns 28,636 shares of the biopharmaceutical company’s stock valued at $84,000 after acquiring an additional 3,744 shares in the last quarter. Sequoia Financial Advisors LLC grew its holdings in shares of Cellectar Biosciences by 135.1% in the 4th quarter. Sequoia Financial Advisors LLC now owns 25,350 shares of the biopharmaceutical company’s stock valued at $75,000 after acquiring an additional 14,567 shares in the last quarter. Finally, Citadel Advisors LLC acquired a new stake in shares of Cellectar Biosciences in the third quarter valued at about $104,000. Institutional investors own 16.41% of the company’s stock.

About Cellectar Biosciences

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.