Cellectar Biosciences Inc (NASDAQ:CLRB) Receives Consensus Rating of “Buy” from Brokerages

Shares of Cellectar Biosciences Inc (NASDAQ:CLRB) have been given a consensus rating of “Buy” by the six ratings firms that are presently covering the stock, Marketbeat reports. One research analyst has rated the stock with a sell rating and five have issued a buy rating on the company. The average 1-year price target among brokers that have issued ratings on the stock in the last year is $5.50.

A number of brokerages recently issued reports on CLRB. ValuEngine raised Cellectar Biosciences from a “hold” rating to a “buy” rating in a report on Monday, March 9th. Zacks Investment Research downgraded Cellectar Biosciences from a “hold” rating to a “sell” rating in a report on Tuesday, June 16th. HC Wainwright reaffirmed a “buy” rating and issued a $3.00 price target on shares of Cellectar Biosciences in a report on Tuesday, March 10th. Finally, Maxim Group began coverage on Cellectar Biosciences in a report on Tuesday, June 23rd. They issued a “buy” rating and a $3.00 price target for the company.

In other news, insider Jarrod Longcor acquired 65,218 shares of Cellectar Biosciences stock in a transaction on Friday, June 5th. The stock was bought at an average price of $1.15 per share, for a total transaction of $75,000.70. Following the completion of the purchase, the insider now owns 72,518 shares in the company, valued at $83,395.70. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO James V. Caruso acquired 21,740 shares of Cellectar Biosciences stock in a transaction on Friday, June 5th. The stock was purchased at an average price of $1.15 per share, with a total value of $25,001.00. Following the purchase, the chief executive officer now owns 44,264 shares of the company’s stock, valued at approximately $50,903.60. The disclosure for this purchase can be found here. In the last quarter, insiders acquired 109,306 shares of company stock valued at $124,442. 5.27% of the stock is owned by company insiders.

Hedge funds and other institutional investors have recently modified their holdings of the business. Game Plan Financial Advisors LLC purchased a new stake in shares of Cellectar Biosciences during the fourth quarter worth approximately $98,000. FNY Investment Advisers LLC purchased a new stake in shares of Cellectar Biosciences during the first quarter worth approximately $88,000. Finally, Renaissance Technologies LLC raised its stake in shares of Cellectar Biosciences by 12.5% during the fourth quarter. Renaissance Technologies LLC now owns 199,002 shares of the biopharmaceutical company’s stock worth $448,000 after purchasing an additional 22,100 shares during the last quarter. Institutional investors own 15.66% of the company’s stock.

Shares of Cellectar Biosciences stock traded up $0.01 on Tuesday, reaching $1.30. 401,100 shares of the company were exchanged, compared to its average volume of 424,493. Cellectar Biosciences has a 1-year low of $1.01 and a 1-year high of $3.33. The company has a market cap of $12.22 million, a P/E ratio of -0.80 and a beta of 1.67. The company has a debt-to-equity ratio of 0.10, a current ratio of 2.58 and a quick ratio of 2.58. The stock’s 50 day moving average price is $1.32 and its 200-day moving average price is $1.86.

Cellectar Biosciences (NASDAQ:CLRB) last announced its quarterly earnings data on Thursday, May 7th. The biopharmaceutical company reported ($0.42) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.35) by ($0.07). On average, research analysts predict that Cellectar Biosciences will post -1.47 earnings per share for the current fiscal year.

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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