Zacks Investment Research upgraded shares of Cellectar Biosciences, Inc. (NASDAQ:CLRB) from a sell rating to a hold rating in a report published on Friday morning.

According to Zacks, “Cellectar Biosciences, Inc. is developing agents to detect, treat and monitor a broad spectrum of cancers. It uses a novel phospholipid ether platform technology as a targeted delivery and retention vehicle. Cellectar Biosciences Inc., formerly known as Novelos Therapeutics, Inc., is headquartered in Madison, Wisconsin. “

Separately, ValuEngine downgraded Cellectar Biosciences from a sell rating to a strong sell rating in a research report on Tuesday, May 23rd.

Cellectar Biosciences (NASDAQ CLRB) opened at 1.66 on Friday. The company’s market cap is $23.11 million. Cellectar Biosciences has a 52-week low of $1.12 and a 52-week high of $3.47. The stock’s 50 day moving average is $1.56 and its 200 day moving average is $1.89.

Cellectar Biosciences (NASDAQ:CLRB) last released its earnings results on Monday, August 14th. The biopharmaceutical company reported ($0.23) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.24) by $0.01. On average, analysts predict that Cellectar Biosciences will post ($0.92) earnings per share for the current fiscal year.

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An institutional investor recently raised its position in Cellectar Biosciences stock. Virtu KCG Holdings LLC boosted its stake in shares of Cellectar Biosciences, Inc. (NASDAQ:CLRB) by 90.5% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 64,864 shares of the biopharmaceutical company’s stock after buying an additional 30,808 shares during the period. Virtu KCG Holdings LLC owned 0.48% of Cellectar Biosciences worth $106,000 at the end of the most recent reporting period. Institutional investors and hedge funds own 2.63% of the company’s stock.

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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