James Caruso Purchases 8,680 Shares of Cellectar Biosciences (NASDAQ:CLRB) Stock

Cellectar Biosciences, Inc. (NASDAQ:CLRB) CEO James Caruso acquired 8,680 shares of the company’s stock in a transaction on Thursday, May 7th. The stock was bought at an average price of $2.88 per share, for a total transaction of $24,998.40. Following the purchase, the chief executive officer owned 20,318 shares in the company, valued at approximately $58,515.84. This trade represents a 74.58% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website.

Cellectar Biosciences Stock Down 4.6%

Shares of CLRB opened at $2.92 on Wednesday. The company’s fifty day moving average is $2.90 and its 200-day moving average is $3.16. Cellectar Biosciences, Inc. has a 12 month low of $2.43 and a 12 month high of $20.60. The firm has a market cap of $12.38 million, a price-to-earnings ratio of -0.31 and a beta of 0.43.

Cellectar Biosciences (NASDAQ:CLRB) last announced its quarterly earnings results on Wednesday, March 4th. The biopharmaceutical company reported ($0.53) EPS for the quarter, topping the consensus estimate of ($1.19) by $0.66. As a group, research analysts predict that Cellectar Biosciences, Inc. will post -1.84 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the stock. DRW Securities LLC lifted its position in shares of Cellectar Biosciences by 114.2% in the fourth quarter. DRW Securities LLC now owns 45,190 shares of the biopharmaceutical company’s stock worth $133,000 after purchasing an additional 24,089 shares in the last quarter. Citadel Advisors LLC acquired a new position in Cellectar Biosciences during the third quarter worth $104,000. Geode Capital Management LLC increased its holdings in shares of Cellectar Biosciences by 15.0% in the fourth quarter. Geode Capital Management LLC now owns 28,636 shares of the biopharmaceutical company’s stock valued at $84,000 after purchasing an additional 3,744 shares during the last quarter. Dimensional Fund Advisors LP acquired a new position in shares of Cellectar Biosciences in the third quarter valued at $73,000. Finally, Bank of America Corp DE increased its holdings in shares of Cellectar Biosciences by 25.3% in the fourth quarter. Bank of America Corp DE now owns 206,783 shares of the biopharmaceutical company’s stock valued at $62,000 after purchasing an additional 41,704 shares during the last quarter. Institutional investors own 16.41% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the stock. Weiss Ratings restated a “sell (e+)” rating on shares of Cellectar Biosciences in a research report on Monday, April 20th. Roth Mkm reissued a “buy” rating and set a $11.00 price target on shares of Cellectar Biosciences in a report on Tuesday, May 5th. Finally, Maxim Group upgraded shares of Cellectar Biosciences from a “hold” rating to a “buy” rating in a research report on Tuesday, March 10th. Two research analysts have rated the stock with a Buy rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, Cellectar Biosciences currently has a consensus rating of “Hold” and an average target price of $11.00.

About Cellectar Biosciences

Cellectar Biosciences, Inc is a clinical‐stage biopharmaceutical company focused on the development of targeted cancer therapies and imaging agents. The company’s proprietary phospholipid drug conjugate (PDC) technology platform is designed to selectively deliver therapeutic and diagnostic payloads to malignant cells while sparing healthy tissue. Through its PDC approach, Cellectar aims to improve the efficacy and safety profile of traditional treatments like chemotherapy and radiotherapy.

Its lead therapeutic candidate, CLR 131, is a radioisotope‐labeled PDC being evaluated in Phase II clinical trials for relapsed or refractory B‐cell malignancies, including multiple myeloma and non‐Hodgkin lymphoma.