Cellectar Biosciences (CLRB) Stock Price Down 6.4%

Cellectar Biosciences Inc (NASDAQ:CLRB)’s share price was down 6.4% during trading on Friday . The stock traded as low as $2.05 and last traded at $2.04. Approximately 6,657 shares changed hands during mid-day trading, a decline of 99% from the average daily volume of 917,042 shares. The stock had previously closed at $2.18.

Several equities analysts have commented on CLRB shares. ValuEngine downgraded Cellectar Biosciences from a “buy” rating to a “hold” rating in a research report on Wednesday, May 1st. Zacks Investment Research raised Cellectar Biosciences from a “hold” rating to a “buy” rating and set a $2.25 price target for the company in a research note on Monday, March 4th. Finally, HC Wainwright assumed coverage on Cellectar Biosciences in a research note on Thursday, May 2nd. They issued a “buy” rating and a $4.00 price target for the company.

The company has a market cap of $14.39 million, a price-to-earnings ratio of -0.43 and a beta of 1.22. The company has a quick ratio of 5.04, a current ratio of 5.04 and a debt-to-equity ratio of 0.06.

Cellectar Biosciences (NASDAQ:CLRB) last issued its quarterly earnings results on Monday, May 6th. The biopharmaceutical company reported ($0.76) earnings per share for the quarter, missing the consensus estimate of ($0.74) by ($0.02). On average, equities research analysts anticipate that Cellectar Biosciences Inc will post -2.4 earnings per share for the current fiscal year.

A hedge fund recently bought a new stake in Cellectar Biosciences stock. Renaissance Technologies LLC acquired a new position in shares of Cellectar Biosciences Inc (NASDAQ:CLRB) in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 58,553 shares of the biopharmaceutical company’s stock, valued at approximately $176,000. Renaissance Technologies LLC owned about 1.63% of Cellectar Biosciences as of its most recent SEC filing. Hedge funds and other institutional investors own 5.17% of the company’s stock.

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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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