Cellectar Biosciences (NASDAQ:CLRB) Sees Large Volume Increase

Cellectar Biosciences Inc (NASDAQ:CLRB) shares saw unusually-high trading volume on Friday . Approximately 686,574 shares traded hands during trading, an increase of 163% from the previous session’s volume of 261,001 shares.The stock last traded at $2.36 and had previously closed at $2.29.

CLRB has been the subject of a number of recent analyst reports. ValuEngine upgraded shares of Cellectar Biosciences from a “hold” rating to a “buy” rating in a report on Thursday, August 1st. Brookline Capital Management initiated coverage on shares of Cellectar Biosciences in a report on Monday, July 29th. They set a “buy” rating and a $6.00 price target for the company. Zacks Investment Research downgraded shares of Cellectar Biosciences from a “buy” rating to a “hold” rating in a report on Tuesday, August 20th. HC Wainwright set a $3.00 price target on shares of Cellectar Biosciences and gave the stock a “buy” rating in a report on Friday, August 16th. Finally, Roth Capital initiated coverage on shares of Cellectar Biosciences in a report on Friday. They set a “buy” rating and a $11.00 price target for the company. One analyst has rated the stock with a hold rating and four have issued a buy rating to the company’s stock. The company presently has an average rating of “Buy” and a consensus target price of $5.56.

The company has a current ratio of 6.80, a quick ratio of 6.80 and a debt-to-equity ratio of 0.03. The company’s fifty day moving average is $2.17 and its two-hundred day moving average is $2.21. The stock has a market cap of $21.80 million, a price-to-earnings ratio of -0.51 and a beta of 1.38.

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, beating the Thomson Reuters’ consensus estimate of ($0.70) by $0.24. Analysts predict that Cellectar Biosciences Inc will post -1.72 EPS for the current year.

A number of institutional investors have recently bought and sold shares of CLRB. CVI Holdings LLC acquired a new stake in Cellectar Biosciences in the 2nd quarter valued at approximately $231,000. Tang Capital Management LLC acquired a new stake in Cellectar Biosciences in the 2nd quarter valued at approximately $1,482,000. Finally, Boxer Capital LLC acquired a new stake in Cellectar Biosciences in the 2nd quarter valued at approximately $2,006,000. Hedge funds and other institutional investors own 21.30% of the company’s stock.

About Cellectar Biosciences (NASDAQ:CLRB)

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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