Cellectar Biosciences (NASDAQ:CLRB) Stock Price Passes Above 50 Day Moving Average – Here’s What Happened

Cellectar Biosciences, Inc. (NASDAQ:CLRB)’s share price crossed above its 50 day moving average during trading on Wednesday . The stock has a 50 day moving average of $3.33 and traded as high as $3.47. Cellectar Biosciences shares last traded at $3.31, with a volume of 74,167 shares traded.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Cellectar Biosciences in a research report on Wednesday, January 21st. One investment analyst has rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the company has an average rating of “Hold”.

Cellectar Biosciences Stock Down 6.5%

The stock has a 50 day moving average of $3.33 and a 200-day moving average of $4.17. The firm has a market capitalization of $14.03 million, a P/E ratio of -0.36 and a beta of 0.32. The company has a debt-to-equity ratio of 0.04, a quick ratio of 2.77 and a current ratio of 2.77.

Cellectar Biosciences (NASDAQ:CLRB) last issued its earnings results on Thursday, November 13th. The biopharmaceutical company reported ($1.41) earnings per share for the quarter, topping analysts’ consensus estimates of ($1.91) by $0.50. Research analysts predict that Cellectar Biosciences, Inc. will post -1.59 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Cellectar Biosciences

A number of hedge funds and other institutional investors have recently bought and sold shares of CLRB. Sequoia Financial Advisors LLC purchased a new stake in shares of Cellectar Biosciences during the third quarter worth $60,000. Bank of America Corp DE lifted its holdings 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 purchasing an additional 41,704 shares in the last quarter. Dimensional Fund Advisors LP purchased a new stake in Cellectar Biosciences during the 3rd quarter worth about $73,000. Riverview Capital Advisers LLC bought a new position in Cellectar Biosciences in the 2nd quarter worth about $75,000. Finally, Citadel Advisors LLC purchased a new position in Cellectar Biosciences during the 3rd quarter valued at about $104,000. 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.