Cellectar Biosciences (NASDAQ:CLRB) PT Set at $3.00 by HC Wainwright

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Cellectar Biosciences (NASDAQ:CLRB) has been assigned a $3.00 price objective by equities research analysts at HC Wainwright in a research report issued to clients and investors on Friday, TipRanks reports. The firm currently has a “buy” rating on the biopharmaceutical company’s stock. HC Wainwright’s price target points to a potential upside of 36.99% from the stock’s previous close.

Several other research firms have also weighed in on CLRB. ValuEngine upgraded Cellectar Biosciences from a “hold” rating to a “buy” rating in a report on Thursday, August 1st. Zacks Investment Research upgraded Cellectar Biosciences from a “hold” rating to a “buy” rating and set a $2.25 target price for the company in a report on Friday. Finally, Brookline Capital Management initiated coverage on Cellectar Biosciences in a report on Monday, July 29th. They issued a “buy” rating and a $6.00 target price for the company.

CLRB traded up $0.01 on Friday, hitting $2.19. The company had a trading volume of 48,234 shares, compared to its average volume of 77,996. The company’s fifty day moving average price is $2.15 and its 200 day moving average price is $2.19. Cellectar Biosciences has a 1-year low of $1.22 and a 1-year high of $4.28. The company has a debt-to-equity ratio of 0.03, a current ratio of 6.80 and a quick ratio of 5.04. The stock has a market cap of $20.12 million, a price-to-earnings ratio of -0.47 and a beta of 1.17.

Cellectar Biosciences (NASDAQ:CLRB) last posted its earnings results on Monday, August 12th. The biopharmaceutical company reported ($0.46) earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.70) by $0.24. On average, sell-side analysts forecast that Cellectar Biosciences will post -1.95 EPS for the current year.

A number of institutional investors and hedge funds have recently bought and sold shares of CLRB. CVI Holdings LLC acquired a new stake in Cellectar Biosciences in the 2nd quarter worth approximately $231,000. Tang Capital Management LLC bought a new position in Cellectar Biosciences in the 2nd quarter worth approximately $1,482,000. Finally, Boxer Capital LLC bought a new position in Cellectar Biosciences in the 2nd quarter worth approximately $2,006,000. Hedge funds and other institutional investors own 3.34% of the company’s stock.

About Cellectar Biosciences

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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