Zacks: Analysts Set $3.10 Price Target for Cellectar Biosciences, Inc. (CLRB)

Cellectar Biosciences, Inc. (NASDAQ:CLRB) has been given an average broker rating score of 1.00 (Strong Buy) from the one brokers that provide coverage for the stock, Zacks Investment Research reports. One research analyst has rated the stock with a strong buy recommendation.

Brokers have set a 1 year consensus price target of $3.10 for the company, according to Zacks. Zacks has also assigned Cellectar Biosciences an industry rank of 181 out of 265 based on the ratings given to its competitors.

Several research firms have issued reports on CLRB. Zacks Investment Research cut Cellectar Biosciences from a “hold” rating to a “sell” rating in a research note on Friday, August 18th. ValuEngine raised Cellectar Biosciences from a “strong sell” rating to a “sell” rating in a research note on Friday, September 1st.

A hedge fund recently raised its stake in Cellectar Biosciences stock. Vanguard Group Inc. grew its position in Cellectar Biosciences, Inc. (NASDAQ:CLRB) by 31.8% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 147,208 shares of the biopharmaceutical company’s stock after buying an additional 35,482 shares during the quarter. Vanguard Group Inc. owned 1.09% of Cellectar Biosciences worth $240,000 as of its most recent filing with the Securities and Exchange Commission. Institutional investors and hedge funds own 2.12% of the company’s stock.

Shares of Cellectar Biosciences (CLRB) traded down $0.03 during trading on Tuesday, reaching $1.24. The company had a trading volume of 181,348 shares, compared to its average volume of 402,858. Cellectar Biosciences has a 52-week low of $1.12 and a 52-week high of $3.07.

Cellectar Biosciences (NASDAQ:CLRB) last posted its earnings results on Thursday, November 9th. The biopharmaceutical company reported ($0.26) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.25) by ($0.01). analysts forecast that Cellectar Biosciences will post -0.96 EPS for the current year.

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About Cellectar Biosciences

Cellectar Biosciences, Inc, formerly Novelos Therapeutics, Inc, is a clinical stage biopharmaceutical company. The Company is engaged in developing phospholipid ether-drug conjugates (PDCs) for the treatment and diagnostic imaging of cancer. Its research and development program is based on its PDC cancer targeting delivery platform.

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