Tang Capital Management LLC bought a new position in Cellectar Biosciences Inc (NASDAQ:CLRB) during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The fund bought 680,000 shares of the biopharmaceutical company’s stock, valued at approximately $1,482,000. Cellectar Biosciences makes up about 0.2% of Tang Capital Management LLC’s investment portfolio, making the stock its 9th biggest position. Tang Capital Management LLC owned 7.24% of Cellectar Biosciences at the end of the most recent quarter.
A number of analysts recently commented on CLRB shares. Brookline Capital Management started coverage on shares of Cellectar Biosciences in a report on Monday, July 29th. They issued a “buy” rating and a $6.00 target price on the stock. Zacks Investment Research lowered shares of Cellectar Biosciences from a “buy” rating to a “hold” rating in a report on Tuesday, August 20th. HC Wainwright set a $3.00 price target on shares of Cellectar Biosciences and gave the company a “buy” rating in a report on Friday, August 16th. ValuEngine upgraded shares of Cellectar Biosciences from a “hold” rating to a “buy” rating in a report on Thursday, August 1st. Finally, Roth Capital assumed coverage on shares of Cellectar Biosciences in a report on Friday, September 13th. They set a “buy” rating and a $11.00 price target on the stock. One equities research analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. The company has an average rating of “Buy” and a consensus price target of $5.56.
Shares of CLRB stock traded down $0.03 during trading hours on Thursday, reaching $2.43. 2,148 shares of the stock traded hands, compared to its average volume of 123,256. Cellectar Biosciences Inc has a 1-year low of $1.22 and a 1-year high of $4.28. The business has a fifty day moving average price of $2.19 and a 200 day moving average price of $2.22. The company has a quick ratio of 6.80, a current ratio of 6.80 and a debt-to-equity ratio of 0.03. The firm has a market capitalization of $23.02 million, a PE ratio of -0.52 and a beta of 1.38.
About Cellectar Biosciences
Cellectar Biosciences, Inc, a clinical stage 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, which is in Phase II clinical study in patients with relapsed or refractory (R/R) multiple myeloma (MM) and a range of B-cell malignancies, as well as in Phase I clinical study for R/R MM.
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