Oppenheimer Reaffirms Outperform Rating for Cellectar Biosciences (NASDAQ:CLRB)

Cellectar Biosciences (NASDAQ:CLRB)‘s stock had its “outperform” rating restated by equities research analysts at Oppenheimer in a note issued to investors on Thursday, Benzinga reports. They currently have a $12.00 price target on the biopharmaceutical company’s stock, up from their prior price target of $11.00. Oppenheimer’s price objective indicates a potential upside of 230.12% from the stock’s current price.

Several other analysts also recently commented on CLRB. Roth Mkm reissued a “buy” rating and issued a $20.00 price objective on shares of Cellectar Biosciences in a research note on Monday, March 4th. StockNews.com raised Cellectar Biosciences to a “sell” rating in a research report on Thursday, December 28th.

Cellectar Biosciences Trading Down 5.6 %

CLRB opened at $3.64 on Thursday. Cellectar Biosciences has a 1-year low of $1.30 and a 1-year high of $4.45. The company has a fifty day moving average price of $3.68 and a two-hundred day moving average price of $2.95. The company has a market cap of $44.67 million, a P/E ratio of -1.12 and a beta of 0.93.

Hedge Funds Weigh In On Cellectar Biosciences

Institutional investors have recently added to or reduced their stakes in the stock. Worth Venture Partners LLC lifted its stake in Cellectar Biosciences by 122.8% in the first quarter. Worth Venture Partners LLC now owns 458,245 shares of the biopharmaceutical company’s stock valued at $315,000 after purchasing an additional 252,570 shares during the last quarter. Renaissance Technologies LLC lifted its holdings in Cellectar Biosciences by 31.3% during the second quarter. Renaissance Technologies LLC now owns 166,500 shares of the biopharmaceutical company’s stock valued at $67,000 after purchasing an additional 39,700 shares during the last quarter. State Street Corp boosted its position in Cellectar Biosciences by 4.5% during the second quarter. State Street Corp now owns 157,146 shares of the biopharmaceutical company’s stock worth $63,000 after purchasing an additional 6,800 shares during the period. Citadel Advisors LLC bought a new stake in shares of Cellectar Biosciences in the second quarter valued at approximately $60,000. Finally, Acuta Capital Partners LLC purchased a new stake in shares of Cellectar Biosciences during the 3rd quarter valued at approximately $320,000. Institutional investors own 16.41% of the company’s stock.

Cellectar Biosciences Company Profile

Cellectar Biosciences, Inc, a clinical 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 (iopofosine I-131), which is in Phase 2 clinical study for patients with B-cell malignancies; Phase 2a clinical study for patients with relapsed or refractory (r/r) Waldenstrom's macroglobulinemia cohort, r/r multiple myeloma (MM) cohort, and r/r non-Hodgkin's lymphoma cohort; Phase 1 clinical study for r/r pediatric patients with select solid tumors, lymphomas, and malignant brain tumors; and Phase 1 clinical study for r/r pediatric patients with head and neck cancer.