Cellectar Biosciences (CLRB) Upgraded to “Buy” by 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 Friday. Zacks Investment Research currently has $1.25 target price 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. “

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

NASDAQ CLRB remained flat at $$1.06 during mid-day trading on Friday. 93,335 shares of the company traded hands, compared to its average volume of 222,479. Cellectar Biosciences has a 52-week low of $1.03 and a 52-week high of $2.06. The stock has a market capitalization of $18.37 million, a price-to-earnings ratio of -0.99 and a beta of 0.74.

Cellectar Biosciences (NASDAQ:CLRB) last posted its quarterly earnings data on Friday, May 11th. The biopharmaceutical company reported ($0.21) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.20) by ($0.01). equities analysts expect that Cellectar Biosciences will post -0.71 EPS for the current year.

In other news, CEO James V. Caruso sold 34,000 shares of Cellectar Biosciences stock in a transaction that occurred 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 sale, the chief executive officer now 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 the SEC website. Company insiders own 8.74% of the company’s stock.

An institutional investor recently bought a new position in Cellectar Biosciences stock. Anson Funds Management LP acquired a new stake in shares of Cellectar Biosciences (NASDAQ:CLRB) during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm acquired 382,078 shares of the biopharmaceutical company’s stock, valued at approximately $523,000. Cellectar Biosciences accounts for about 0.4% of Anson Funds Management LP’s investment portfolio, making the stock its 24th largest position. Anson Funds Management LP owned approximately 2.42% of Cellectar Biosciences as of its most recent SEC filing. Institutional investors and hedge funds own 7.71% of the company’s stock.

Cellectar Biosciences Company Profile

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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