Insider Buying: Cellectar Biosciences (NASDAQ:CLRB) COO Acquires 8,680 Shares of Stock

Cellectar Biosciences, Inc. (NASDAQ:CLRB) COO Jarrod Longcor bought 8,680 shares of Cellectar Biosciences stock in a transaction dated Thursday, May 7th. The shares were bought at an average cost of $2.88 per share, with a total value of $24,998.40. Following the completion of the acquisition, the chief operating officer owned 20,451 shares of the company’s stock, valued at $58,898.88. The trade was a 73.74% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which can be accessed through this hyperlink.

Cellectar Biosciences Stock Performance

CLRB traded down $0.04 during trading on Monday, reaching $3.06. The company had a trading volume of 291,986 shares, compared to its average volume of 2,915,618. The firm’s 50-day simple moving average is $2.91 and its 200 day simple moving average is $3.17. The company has a market cap of $12.97 million, a price-to-earnings ratio of -0.32 and a beta of 0.43. Cellectar Biosciences, Inc. has a 12-month low of $2.43 and a 12-month high of $20.60.

Cellectar Biosciences (NASDAQ:CLRB) last posted its quarterly earnings data on Wednesday, March 4th. The biopharmaceutical company reported ($0.53) earnings per share (EPS) for the quarter, topping the consensus estimate of ($1.19) by $0.66. On average, sell-side analysts expect that Cellectar Biosciences, Inc. will post -1.84 EPS for the current year.

Wall Street Analyst Weigh In

Several brokerages recently commented on CLRB. Maxim Group upgraded shares of Cellectar Biosciences from a “hold” rating to a “buy” rating in a research report on Tuesday, March 10th. Roth Mkm reiterated a “buy” rating and set a $11.00 price objective on shares of Cellectar Biosciences in a research report on Tuesday, May 5th. Finally, Weiss Ratings reissued a “sell (e+)” rating on shares of Cellectar Biosciences in a research note on Monday, April 20th. Two investment analysts have rated the stock with a Buy rating and one has given a Sell rating to the company. According to data from MarketBeat, Cellectar Biosciences presently has an average rating of “Hold” and a consensus target price of $11.00.

Hedge Funds Weigh In On Cellectar Biosciences

Institutional investors and hedge funds have recently bought and sold shares of the business. XTX Topco Ltd acquired a new stake in shares of Cellectar Biosciences during the fourth quarter worth approximately $36,000. DRW Securities LLC increased its stake in Cellectar Biosciences by 114.2% in the 4th quarter. DRW Securities LLC now owns 45,190 shares of the biopharmaceutical company’s stock valued at $133,000 after buying an additional 24,089 shares during the period. Geode Capital Management LLC increased its stake in Cellectar Biosciences by 15.0% in the 4th quarter. Geode Capital Management LLC now owns 28,636 shares of the biopharmaceutical company’s stock valued at $84,000 after buying an additional 3,744 shares during the period. Sequoia Financial Advisors LLC lifted its position in Cellectar Biosciences by 135.1% in the 4th quarter. Sequoia Financial Advisors LLC now owns 25,350 shares of the biopharmaceutical company’s stock worth $75,000 after buying an additional 14,567 shares in the last quarter. Finally, Citadel Advisors LLC purchased a new stake in Cellectar Biosciences in the 3rd quarter worth approximately $104,000. Hedge funds and other institutional investors own 16.41% of the company’s stock.

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.