Cellectar Biosciences (NASDAQ:CLRB) Rating Lowered to Sell at Wall Street Zen

Cellectar Biosciences (NASDAQ:CLRB) was downgraded by research analysts at Wall Street Zen from a “hold” rating to a “sell” rating in a report issued on Saturday.

A number of other equities research analysts have also commented on CLRB. Brookline Capital Markets upgraded Cellectar Biosciences to a “strong-buy” rating in a research report on Sunday, July 12th. LADENBURG THALM/SH SH assumed coverage on shares of Cellectar Biosciences in a report on Friday, May 15th. They set a “buy” rating for the company. Roth Capital reiterated a “buy” rating and set a $11.00 price objective on shares of Cellectar Biosciences in a research report on Tuesday, May 5th. Finally, Weiss Ratings reissued a “sell (e+)” rating on shares of Cellectar Biosciences in a research note on Friday, July 17th. One equities research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and one has issued a Sell rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $11.00.

Cellectar Biosciences Stock Performance

Shares of NASDAQ:CLRB opened at $2.60 on Friday. The company has a fifty day moving average of $2.56 and a 200-day moving average of $2.86. The company has a market capitalization of $24.57 million, a PE ratio of -0.68 and a beta of 0.55. Cellectar Biosciences has a 52-week low of $2.20 and a 52-week high of $6.52.

Cellectar Biosciences (NASDAQ:CLRB) last announced its quarterly earnings results on Thursday, August 13th. The biopharmaceutical company reported ($0.57) EPS for the quarter, missing analysts’ consensus estimates of ($0.52) by ($0.05). On average, equities analysts forecast that Cellectar Biosciences will post -2.49 EPS for the current fiscal year.

Institutional Investors Weigh In On Cellectar Biosciences

A number of institutional investors and hedge funds have recently made changes to their positions in CLRB. Bank of America Corp DE boosted its position in shares of 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 buying an additional 41,704 shares during the last quarter. Dimensional Fund Advisors LP purchased a new position in Cellectar Biosciences during the third quarter worth about $73,000. Citadel Advisors LLC purchased a new position in Cellectar Biosciences during the third quarter worth about $104,000. Sequoia Financial Advisors LLC grew its position in Cellectar Biosciences by 135.1% in the 4th quarter. Sequoia Financial Advisors LLC now owns 25,350 shares of the biopharmaceutical company’s stock worth $75,000 after purchasing an additional 14,567 shares in the last quarter. Finally, Geode Capital Management LLC grew its position in Cellectar Biosciences by 15.0% in the 4th quarter. Geode Capital Management LLC now owns 28,636 shares of the biopharmaceutical company’s stock worth $84,000 after purchasing an additional 3,744 shares in the last quarter. Institutional investors and hedge funds own 16.41% of the company’s stock.

About Cellectar Biosciences

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.