Cellectar Biosciences (NASDAQ:CLRB) CEO Acquires $24,998.40 in Stock

Cellectar Biosciences, Inc. (NASDAQ:CLRB) CEO James Caruso purchased 8,680 shares of the firm’s stock in a transaction that occurred on Thursday, May 7th. The shares were bought at an average price of $2.88 per share, for a total transaction of $24,998.40. Following the acquisition, the chief executive officer directly owned 20,318 shares in the company, valued at $58,515.84. This trade represents a 74.58% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at this link.

Cellectar Biosciences Stock Performance

NASDAQ:CLRB opened at $2.94 on Thursday. The stock’s fifty day moving average is $2.90 and its 200 day moving average is $3.16. Cellectar Biosciences, Inc. has a fifty-two week low of $2.43 and a fifty-two week high of $20.60. The firm has a market capitalization of $12.47 million, a PE ratio of -0.31 and a beta of 0.43.

Cellectar Biosciences (NASDAQ:CLRB) last released its quarterly earnings results on Wednesday, March 4th. The biopharmaceutical company reported ($0.53) earnings per share for the quarter, beating the consensus estimate of ($1.19) by $0.66. Equities analysts forecast that Cellectar Biosciences, Inc. will post -1.84 EPS for the current year.

Institutional Trading of Cellectar Biosciences

A number of hedge funds and other institutional investors have recently bought and sold shares of CLRB. XTX Topco Ltd purchased a new stake in Cellectar Biosciences in the fourth quarter worth $36,000. Sequoia Financial Advisors LLC purchased a new stake in Cellectar Biosciences in the third quarter worth $60,000. Bank of America Corp DE increased its stake in 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 worth $62,000 after purchasing an additional 41,704 shares during the period. Dimensional Fund Advisors LP purchased a new stake in Cellectar Biosciences in the third quarter worth $73,000. Finally, Geode Capital Management LLC increased its stake in Cellectar Biosciences by 15.0% in the fourth quarter. Geode Capital Management LLC now owns 28,636 shares of the biopharmaceutical company’s stock worth $84,000 after purchasing an additional 3,744 shares during the period. Hedge funds and other institutional investors own 16.41% of the company’s stock.

Wall Street Analyst Weigh In

CLRB has been the topic of several recent research reports. Roth Mkm restated a “buy” rating and set a $11.00 price target on shares of Cellectar Biosciences in a report on Tuesday, May 5th. Weiss Ratings restated a “sell (e+)” rating on shares of Cellectar Biosciences in a report on Monday, April 20th. Finally, Maxim Group upgraded Cellectar Biosciences from a “hold” rating to a “buy” rating in a 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. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $11.00.

Cellectar Biosciences Company Profile

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.