Zacks: Analysts Set $3.10 Target Price for Cellectar Biosciences, Inc. (CLRB)

Cellectar Biosciences, Inc. (NASDAQ:CLRB) has received a consensus broker rating score of 1.00 (Strong Buy) from the one brokers that provide coverage for the stock, Zacks Investment Research reports. One investment analyst has rated the stock with a strong buy recommendation.

Brokerages have set a 1-year consensus price objective of $3.10 for the company, according to Zacks. Zacks has also given Cellectar Biosciences an industry rank of 185 out of 265 based on the ratings given to related companies.

CLRB has been the subject of a number of recent analyst reports. Zacks Investment Research raised shares of Cellectar Biosciences from a “sell” rating to a “hold” rating in a report on Tuesday, October 17th. ValuEngine upgraded shares of Cellectar Biosciences from a “strong sell” rating to a “sell” rating in a research report on Friday, September 1st.

Shares of Cellectar Biosciences (NASDAQ:CLRB) traded down $0.05 on Tuesday, reaching $1.28. 240,500 shares of the company’s stock traded hands, compared to its average volume of 391,169. Cellectar Biosciences has a one year low of $1.12 and a one year high of $3.07.

Cellectar Biosciences (NASDAQ:CLRB) last announced its quarterly earnings results on Thursday, November 9th. The biopharmaceutical company reported ($0.26) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.25) by ($0.01). equities analysts anticipate that Cellectar Biosciences will post -0.96 EPS for the current fiscal year.

A hedge fund recently raised its stake in Cellectar Biosciences stock. Vanguard Group Inc. raised its stake in shares of Cellectar Biosciences, Inc. (NASDAQ:CLRB) by 31.8% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 147,208 shares of the biopharmaceutical company’s stock after buying an additional 35,482 shares during the period. Vanguard Group Inc. owned approximately 1.09% of Cellectar Biosciences worth $240,000 as of its most recent SEC filing. 2.12% of the stock is currently owned by institutional investors and hedge funds.

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About Cellectar Biosciences

Cellectar Biosciences, Inc, formerly Novelos Therapeutics, Inc, is a clinical stage biopharmaceutical company. The Company is engaged in developing phospholipid ether-drug conjugates (PDCs) for the treatment and diagnostic imaging of cancer. Its research and development program is based on its PDC cancer targeting delivery platform.

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