Cellectar Biosciences (NASDAQ:CLRB) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued on Tuesday, Zacks.com reports. The firm presently has a $2.25 target price on the biopharmaceutical company’s stock. Zacks Investment Research‘s price target indicates a potential upside of 11.94% from the company’s current price.
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. “
NASDAQ:CLRB opened at $2.01 on Tuesday. The firm has a market cap of $54.79 million, a PE ratio of -1.73 and a beta of 1.67. Cellectar Biosciences has a 12 month low of $1.01 and a 12 month high of $3.33. The company has a quick ratio of 5.01, a current ratio of 5.01 and a debt-to-equity ratio of 0.01. The company’s 50-day moving average price is $1.99 and its two-hundred day moving average price is $1.45.
In related news, CEO James V. Caruso bought 37,037 shares of Cellectar Biosciences stock in a transaction dated Monday, December 28th. The shares were bought at an average cost of $1.35 per share, for a total transaction of $49,999.95. Following the completion of the transaction, the chief executive officer now owns 81,301 shares of the company’s stock, valued at $109,756.35. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Jarrod Longcor bought 29,630 shares of Cellectar Biosciences stock in a transaction dated Monday, December 28th. The shares were bought at an average price of $1.35 per share, for a total transaction of $40,000.50. Following the completion of the transaction, the insider now directly owns 102,148 shares of the company’s stock, valued at approximately $137,899.80. The disclosure for this purchase can be found here. Over the last 90 days, insiders acquired 74,074 shares of company stock worth $100,000. Company insiders own 5.27% of the company’s stock.
An institutional investor recently raised its position in Cellectar Biosciences stock. FNY Investment Advisers LLC lifted its stake in shares of Cellectar Biosciences, Inc. (NASDAQ:CLRB) by 58.4% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 203,321 shares of the biopharmaceutical company’s stock after purchasing an additional 75,000 shares during the period. FNY Investment Advisers LLC owned approximately 0.76% of Cellectar Biosciences worth $252,000 at the end of the most recent reporting period. Institutional investors own 12.67% 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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