Cellectar Biosciences (NASDAQ:CLRB) Share Price Crosses Below 200 Day Moving Average – What’s Next?

Cellectar Biosciences, Inc. (NASDAQ:CLRB) crossed below its two hundred day moving average during trading on Thursday . The stock has a two hundred day moving average of $3.08 and traded as low as $2.46. Cellectar Biosciences shares last traded at $2.79, with a volume of 299,465 shares trading hands.

Analysts Set New Price Targets

Several research analysts have recently commented on CLRB shares. Maxim Group upgraded Cellectar Biosciences from a “hold” rating to a “buy” rating in a report on Tuesday, March 10th. LADENBURG THALM/SH SH began coverage on Cellectar Biosciences in a research report on Friday, May 15th. They set a “buy” rating on the stock. Roth Mkm restated a “buy” rating and set a $11.00 price target on shares of Cellectar Biosciences in a research report on Tuesday, May 5th. Finally, Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Cellectar Biosciences in a research note on Monday, April 20th. Three research analysts have rated the stock with a Buy rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $11.00.

Cellectar Biosciences Stock Up 12.5%

The business’s 50-day simple moving average is $2.85 and its 200-day simple moving average is $3.08. The stock has a market cap of $22.29 million, a PE ratio of -0.42 and a beta of 0.52.

Cellectar Biosciences (NASDAQ:CLRB) last posted its earnings results on Thursday, May 14th. The biopharmaceutical company reported ($1.33) earnings per share for the quarter, topping analysts’ consensus estimates of ($1.88) by $0.55. As a group, equities research analysts anticipate that Cellectar Biosciences, Inc. will post -2.34 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the business. XTX Topco Ltd purchased a new stake in Cellectar Biosciences in the 4th quarter worth approximately $36,000. Bank of America Corp DE raised its holdings in shares of Cellectar Biosciences by 25.3% during the fourth quarter. Bank of America Corp DE now owns 206,783 shares of the biopharmaceutical company’s stock valued at $62,000 after acquiring an additional 41,704 shares in the last quarter. Dimensional Fund Advisors LP bought a new position in shares of Cellectar Biosciences during the third quarter valued at approximately $73,000. Sequoia Financial Advisors LLC lifted its stake in Cellectar Biosciences by 135.1% in the fourth quarter. Sequoia Financial Advisors LLC now owns 25,350 shares of the biopharmaceutical company’s stock worth $75,000 after acquiring an additional 14,567 shares during the period. Finally, Geode Capital Management LLC lifted its stake in Cellectar Biosciences by 15.0% in the fourth quarter. Geode Capital Management LLC now owns 28,636 shares of the biopharmaceutical company’s stock worth $84,000 after acquiring an additional 3,744 shares during the period. Institutional investors own 16.41% of the company’s stock.

Cellectar Biosciences Company Profile

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.