Cellectar Biosciences (NASDAQ:CLRB) Sees Strong Trading Volume

Cellectar Biosciences Inc (NASDAQ:CLRB) saw unusually-high trading volume on Friday . Approximately 686,574 shares were traded 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 topic of several research analyst reports. ValuEngine raised shares of Cellectar Biosciences from a “hold” rating to a “buy” rating in a research report on Thursday, August 1st. Brookline Capital Management initiated coverage on shares of Cellectar Biosciences in a report on Monday, July 29th. They issued a “buy” rating and a $6.00 price objective on the stock. HC Wainwright set a $3.00 price objective on shares of Cellectar Biosciences and gave the company a “buy” rating in a report on Friday, August 16th. Zacks Investment Research downgraded shares of Cellectar Biosciences from a “buy” rating to a “hold” rating in a report on Tuesday, August 20th. Finally, Roth Capital initiated coverage on shares of Cellectar Biosciences in a report on Friday. They issued a “buy” rating and a $11.00 price objective on the stock. One investment analyst has rated the stock with a hold rating and four have issued a buy rating to the company. Cellectar Biosciences has an average rating of “Buy” and a consensus price target of $5.56.

The company has a quick ratio of 6.80, a current ratio of 6.80 and a debt-to-equity ratio of 0.03. The firm’s 50 day moving average is $2.17 and its 200-day moving average is $2.21.

Cellectar Biosciences (NASDAQ:CLRB) last posted its earnings results on Monday, August 12th. The biopharmaceutical company reported ($0.46) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.70) by $0.24. Research analysts anticipate that Cellectar Biosciences Inc will post -1.72 earnings per share for the current year.

A number of large investors have recently bought and sold shares of CLRB. Tang Capital Management LLC acquired a new position in Cellectar Biosciences during the second quarter worth $1,482,000. Boxer Capital LLC acquired a new position in Cellectar Biosciences during the second quarter worth $2,006,000. Finally, CVI Holdings LLC acquired a new position in Cellectar Biosciences during the second quarter worth $231,000. Institutional investors own 21.30% of the company’s stock.

Cellectar Biosciences Company Profile (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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