Cellectar Biosciences (NASDAQ:CLRB) Announces Quarterly Earnings Results, Beats Expectations By $0.50 EPS

Cellectar Biosciences (NASDAQ:CLRB) posted its quarterly earnings results on Thursday. The biopharmaceutical company reported ($1.41) earnings per share for the quarter, beating the consensus estimate of ($1.91) by $0.50, Zacks reports.

Cellectar Biosciences Stock Performance

Shares of NASDAQ CLRB traded down $0.52 during trading on Thursday, hitting $2.98. The company had a trading volume of 164,441 shares, compared to its average volume of 211,305. Cellectar Biosciences has a 52 week low of $2.88 and a 52 week high of $63.30. The business’s 50-day moving average is $4.64 and its 200 day moving average is $6.05. The company has a market cap of $9.52 million, a P/E ratio of -0.15 and a beta of 0.56.

Institutional Investors Weigh In On Cellectar Biosciences

An institutional investor recently raised its position in Cellectar Biosciences stock. Bank of America Corp DE lifted its position in Cellectar Biosciences, Inc. (NASDAQ:CLRB) by 25.3% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 206,783 shares of the biopharmaceutical company’s stock after buying an additional 41,704 shares during the period. Bank of America Corp DE owned about 0.45% of Cellectar Biosciences worth $62,000 as of its most recent SEC filing. Institutional investors own 16.41% of the company’s stock.

Analyst Upgrades and Downgrades

CLRB has been the subject of several recent research reports. Weiss Ratings reissued a “sell (e+)” rating on shares of Cellectar Biosciences in a research note on Wednesday, October 8th. Roth Capital reiterated a “buy” rating on shares of Cellectar Biosciences in a report on Thursday, August 14th. Two investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, Cellectar Biosciences currently has a consensus rating of “Hold” and a consensus price target of $375.00.

Cellectar Biosciences Company Profile

Cellectar Biosciences, Inc, a clinical 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 (iopofosine I-131), which is in Phase 2 clinical study for patients with B-cell malignancies; Phase 2a clinical study for patients with relapsed or refractory (r/r) Waldenstrom's macroglobulinemia cohort, r/r multiple myeloma (MM) cohort, and r/r non-Hodgkin's lymphoma cohort; Phase 1 clinical study for r/r pediatric patients with select solid tumors, lymphomas, and malignant brain tumors; and Phase 1 clinical study for r/r head and neck cancer.