Cellectar Biosciences (NASDAQ:CLRB) Coverage Initiated at StockNews.com

StockNews.com began coverage on shares of Cellectar Biosciences (NASDAQ:CLRB) in a research note issued on Monday. The brokerage set a “sell” rating on the biopharmaceutical company’s stock.

Cellectar Biosciences Trading Up 2.5 %

Cellectar Biosciences stock opened at $0.27 on Monday. The company has a fifty day simple moving average of $0.30 and a 200-day simple moving average of $0.70. The stock has a market cap of $12.47 million, a P/E ratio of -0.16 and a beta of 0.48. Cellectar Biosciences has a 12-month low of $0.22 and a 12-month high of $3.49.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the business. Squarepoint Ops LLC acquired a new position in Cellectar Biosciences in the fourth quarter valued at approximately $156,000. Sequoia Financial Advisors LLC raised its holdings in Cellectar Biosciences by 1,301.8% during the first quarter. Sequoia Financial Advisors LLC now owns 203,260 shares of the biopharmaceutical company’s stock worth $64,000 after purchasing an additional 188,760 shares in the last quarter. JPMorgan Chase & Co. lifted its position in shares of Cellectar Biosciences by 687.3% during the 4th quarter. JPMorgan Chase & Co. now owns 182,403 shares of the biopharmaceutical company’s stock worth $55,000 after buying an additional 159,234 shares during the last quarter. Bank of America Corp DE boosted its holdings in shares of 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 in the last quarter. Finally, Geode Capital Management LLC grew its position in shares of Cellectar Biosciences by 3.3% in the 3rd quarter. Geode Capital Management LLC now owns 352,452 shares of the biopharmaceutical company’s stock valued at $754,000 after buying an additional 11,266 shares during the last quarter. Hedge funds and other institutional investors own 16.41% of the company’s stock.

Cellectar Biosciences Company Profile

Cellectar Biosciences, Inc, a clinical 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 (iopofosine I-131), which is in Phase 2 clinical study for patients with B-cell malignancies; Phase 2a clinical study for patients with relapsed or refractory (r/r) Waldenstrom's macroglobulinemia cohort, r/r multiple myeloma (MM) cohort, and r/r non-Hodgkin's lymphoma cohort; Phase 1 clinical study for r/r pediatric patients with select solid tumors, lymphomas, and malignant brain tumors; and Phase 1 clinical study for r/r head and neck cancer.