Cellectar Biosciences Inc (NASDAQ:CLRB) was up 8.3% during trading on Friday . The company traded as high as $2.65 and last traded at $2.34. Approximately 848,809 shares changed hands during trading, an increase of 789% from the average daily volume of 95,524 shares. The stock had previously closed at $2.16.

A number of equities research analysts recently commented on CLRB shares. Zacks Investment Research raised Cellectar Biosciences from a “hold” rating to a “buy” rating and set a $2.25 target price for the company in a report on Monday, March 4th. Brookline Capital Management reaffirmed a “buy” rating on shares of Cellectar Biosciences in a report on Tuesday, November 20th.

The firm has a market capitalization of $11.13 million, a P/E ratio of -0.50 and a beta of 1.19.

Institutional investors have recently added to or reduced their stakes in the stock. Renaissance Technologies LLC acquired a new stake in shares of Cellectar Biosciences during the third quarter worth about $176,000. Sphera Funds Management LTD. acquired a new stake in shares of Cellectar Biosciences during the third quarter worth about $263,000. Finally, Wexford Capital LP acquired a new stake in shares of Cellectar Biosciences during the third quarter worth about $750,000. 5.55% of the stock is owned by hedge funds and other institutional investors.

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About Cellectar Biosciences (NASDAQ:CLRB)

Cellectar Biosciences, Inc, a clinical stage biopharmaceutical company, engages in the discovery, development, and commercialization of drugs for the treatment of cancer. Its lead phospholipid drug conjugate (PDC) therapeutic, CLR 131, is in a Phase 1 clinical study in patients with relapsed or refractory (R/R) multiple myeloma (MM) and a Phase 2 clinical study in R/R MM and a range of B-cell malignancies.

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