Cellectar Biosciences (NASDAQ:CLRB) Shares Pass Below 200-Day Moving Average – Here’s Why

Cellectar Biosciences, Inc. (NASDAQ:CLRB) shares passed below its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $2.98 and traded as low as $2.46. Cellectar Biosciences shares last traded at $2.47, with a volume of 36,528 shares traded.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on CLRB shares. Roth Capital reissued a “buy” rating and issued a $11.00 price target on shares of Cellectar Biosciences in a research note on Tuesday, May 5th. Wall Street Zen raised Cellectar Biosciences to a “hold” rating in a research note on Saturday, June 20th. LADENBURG THALM/SH SH started coverage on Cellectar Biosciences in a report on Friday, May 15th. They issued a “buy” rating on the stock. Weiss Ratings reissued a “sell (e+)” rating on shares of Cellectar Biosciences in a research report on Friday, July 17th. Finally, Brookline Capital Markets upgraded shares of Cellectar Biosciences to a “strong-buy” rating in a report on Sunday, July 12th. One research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $11.00.

Cellectar Biosciences Trading Down 4.3%

The firm’s 50-day moving average price is $2.73 and its 200 day moving average price is $2.98. The company has a market cap of $19.74 million, a price-to-earnings ratio of -0.37 and a beta of 0.55.

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

Institutional Trading of Cellectar Biosciences

A number of hedge funds and other institutional investors have recently bought and sold shares of CLRB. XTX Topco Ltd acquired a new position in Cellectar Biosciences during the fourth quarter worth $36,000. Dimensional Fund Advisors LP bought a new position in shares of Cellectar Biosciences during the 3rd quarter worth approximately $73,000. Citadel Advisors LLC purchased a new stake in shares of Cellectar Biosciences during the 3rd quarter valued at $104,000. Sequoia Financial Advisors LLC increased its holdings in Cellectar Biosciences by 135.1% during the fourth 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, Geode Capital Management LLC increased its stake in shares of 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 purchasing an additional 3,744 shares during the last quarter. 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.