Insider Buying: Cellectar Biosciences (NASDAQ:CLRB) COO Buys $24,998.40 in Stock

Cellectar Biosciences, Inc. (NASDAQ:CLRB) COO Jarrod Longcor purchased 8,680 shares of the company’s stock in a transaction on Thursday, May 7th. The stock was purchased at an average price of $2.88 per share, for a total transaction of $24,998.40. Following the purchase, the chief operating officer directly owned 20,451 shares of the company’s stock, valued at $58,898.88. This trade represents a 73.74% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

Cellectar Biosciences Price Performance

Shares of NASDAQ CLRB traded down $0.04 during midday trading on Monday, hitting $3.06. 291,986 shares of the company’s stock were exchanged, compared to its average volume of 2,915,618. The stock’s 50 day moving average price is $2.91 and its 200-day moving average price is $3.17. The firm has a market cap of $12.97 million, a P/E ratio of -0.32 and a beta of 0.43. Cellectar Biosciences, Inc. has a twelve month low of $2.43 and a twelve month high of $20.60.

Cellectar Biosciences (NASDAQ:CLRB) last posted its earnings results on Wednesday, March 4th. The biopharmaceutical company reported ($0.53) EPS for the quarter, beating the consensus estimate of ($1.19) by $0.66. On average, analysts expect that Cellectar Biosciences, Inc. will post -1.84 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the company. XTX Topco Ltd bought a new position in shares of Cellectar Biosciences during the 4th quarter valued at about $36,000. Bank of America Corp DE lifted its stake in Cellectar Biosciences by 25.3% during the fourth quarter. Bank of America Corp DE now owns 206,783 shares of the biopharmaceutical company’s stock valued at $62,000 after purchasing an additional 41,704 shares during the last quarter. Dimensional Fund Advisors LP bought a new stake in Cellectar Biosciences during the third quarter worth approximately $73,000. Citadel Advisors LLC bought a new position in shares of Cellectar Biosciences in the third quarter valued at $104,000. Finally, DRW Securities LLC increased its holdings in shares of Cellectar Biosciences by 114.2% in the fourth quarter. DRW Securities LLC now owns 45,190 shares of the biopharmaceutical company’s stock valued at $133,000 after buying an additional 24,089 shares in the last quarter. 16.41% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

CLRB has been the topic of a number of recent analyst reports. Weiss Ratings restated a “sell (e+)” rating on shares of Cellectar Biosciences in a research report on Monday, April 20th. Roth Mkm reiterated a “buy” rating and set a $11.00 price objective on shares of Cellectar Biosciences in a research note on Tuesday, May 5th. Finally, Maxim Group raised Cellectar Biosciences from a “hold” rating to a “buy” rating in a report on Tuesday, March 10th. Two analysts have rated the stock with a Buy rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $11.00.

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.