Cellectar Biosciences (NASDAQ:CLRB) Stock Passes Below 200 Day Moving Average – Here’s Why

Cellectar Biosciences, Inc. (NASDAQ:CLRB) passed below its two hundred day moving average during trading on Friday . The stock has a two hundred day moving average of $3.14 and traded as low as $3.11. Cellectar Biosciences shares last traded at $3.20, with a volume of 139,531 shares.

Analyst Ratings Changes

Several brokerages have weighed in on CLRB. 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. LADENBURG THALM/SH SH assumed coverage on Cellectar Biosciences in a report on Friday, May 15th. They issued a “buy” rating on the stock. Weiss Ratings reiterated 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. Three equities research analysts have rated the stock with a Buy rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $11.00.

Cellectar Biosciences Trading Up 0.9%

The firm has a market cap of $25.57 million, a PE ratio of -0.48 and a beta of 0.43. The business has a fifty day moving average price of $2.94 and a 200 day moving average price of $3.14.

Cellectar Biosciences (NASDAQ:CLRB) last released its quarterly earnings data on Thursday, May 14th. The biopharmaceutical company reported ($1.33) EPS for the quarter, beating analysts’ consensus estimates of ($1.88) by $0.55. On average, research analysts expect that Cellectar Biosciences, Inc. will post -2.34 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the company. Bank of America Corp DE grew its stake in Cellectar Biosciences by 25.3% during the 4th quarter. Bank of America Corp DE now owns 206,783 shares of the biopharmaceutical company’s stock worth $62,000 after buying an additional 41,704 shares during the last quarter. DRW Securities LLC grew its stake in Cellectar Biosciences by 114.2% during the 4th quarter. DRW Securities LLC now owns 45,190 shares of the biopharmaceutical company’s stock worth $133,000 after buying an additional 24,089 shares during the last quarter. Geode Capital Management LLC grew its stake in Cellectar Biosciences by 15.0% during the 4th quarter. Geode Capital Management LLC now owns 28,636 shares of the biopharmaceutical company’s stock worth $84,000 after buying an additional 3,744 shares during the last quarter. Sequoia Financial Advisors LLC grew its stake in Cellectar Biosciences by 135.1% during 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 during the last quarter. Finally, Citadel Advisors LLC purchased a new position in Cellectar Biosciences during 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.