Cellectar Biosciences (NASDAQ:CLRB) Lifted to Hold at Zacks Investment Research

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Zacks Investment Research upgraded shares of Cellectar Biosciences (NASDAQ:CLRB) from a sell rating to a hold rating in a report released on Friday, June 15th.

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 Cellectar Biosciences from a sell rating to a hold rating in a report on Wednesday, May 2nd.

Cellectar Biosciences stock traded up $0.01 during mid-day trading on Friday, hitting $0.76. 261,500 shares of the company were exchanged, compared to its average volume of 321,279. Cellectar Biosciences has a 1-year low of $0.72 and a 1-year high of $2.06. The firm has a market capitalization of $14.70 million, a P/E ratio of -0.70 and a beta of 0.69.

Cellectar Biosciences (NASDAQ:CLRB) last announced its earnings results on Friday, May 11th. The biopharmaceutical company reported ($0.21) EPS for the quarter, missing the consensus estimate of ($0.20) by ($0.01). sell-side analysts forecast that Cellectar Biosciences will post -0.73 EPS for the current fiscal year.

An institutional investor recently bought a new position in Cellectar Biosciences stock. Anson Funds Management LP bought a new position in shares of Cellectar Biosciences Inc (NASDAQ:CLRB) during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm bought 382,078 shares of the biopharmaceutical company’s stock, valued at approximately $523,000. Cellectar Biosciences comprises 0.4% of Anson Funds Management LP’s holdings, making the stock its 24th largest holding. Anson Funds Management LP owned approximately 2.42% of Cellectar Biosciences as of its most recent filing with the Securities & Exchange Commission. 2.45% of the stock is owned by hedge funds and other institutional investors.

About Cellectar Biosciences

Cellectar Biosciences, Inc, a clinical stage biopharmaceutical company, engages in the discovery, development, and commercialization of drugs for the treatment of cancer. Its lead phospholipid drug conjugate (PDC) therapeutic, CLR 131, is in a Phase 1 clinical study in patients with relapsed or refractory (R/R) multiple myeloma (MM) and a Phase 2 clinical study in R/R MM and a range of B-cell malignancies.

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