Zacks Investment Research upgraded shares of Cellectar Biosciences (NASDAQ:CLRB) from a sell rating to a hold rating in a report released on Tuesday 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. “

Cellectar Biosciences (CLRB) traded down $0.03 during trading on Tuesday, reaching $1.17. The company’s stock had a trading volume of 125,900 shares, compared to its average volume of 266,570. Cellectar Biosciences has a 1 year low of $1.06 and a 1 year high of $3.07. The firm has a market capitalization of $18.98, a price-to-earnings ratio of -1.09 and a beta of 0.97.

Cellectar Biosciences (NASDAQ:CLRB) last released its quarterly earnings data 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). sell-side analysts forecast that Cellectar Biosciences will post -0.96 earnings per share for the current fiscal year.

An institutional investor recently raised its position in Cellectar Biosciences stock. Virtu KCG Holdings LLC lifted its holdings in shares of Cellectar Biosciences Inc (NASDAQ:CLRB) by 90.5% during the 2nd quarter, according to its most recent disclosure with the SEC. The fund owned 64,864 shares of the biopharmaceutical company’s stock after purchasing 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. 1.71% of the stock is owned by institutional investors and hedge funds.

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Cellectar Biosciences Company Profile

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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