Cellectar Biosciences (NASDAQ:CLRB) Shares Cross Below 50-Day Moving Average – Here’s Why

Cellectar Biosciences, Inc. (NASDAQ:CLRB)’s stock price crossed below its 50 day moving average during trading on Monday. The stock has a 50 day moving average of $2.37 and traded as low as $1.67. Cellectar Biosciences shares last traded at $1.67, with a volume of 60,679 shares traded.

Analyst Upgrades and Downgrades

CLRB has been the topic of a number of recent research reports. Brookline Capital Markets raised Cellectar Biosciences to a “strong-buy” rating in a research note on Sunday, July 12th. Weiss Ratings restated a “sell (e+)” rating on shares of Cellectar Biosciences in a report on Friday, July 17th. Finally, Wall Street Zen lowered Cellectar Biosciences from a “hold” rating to a “sell” rating in a research report on Saturday, August 15th. One research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $11.00.

Cellectar Biosciences Stock Performance

The business has a 50-day simple moving average of $2.35 and a 200 day simple moving average of $2.62. The firm has a market cap of $14.27 million, a P/E ratio of -0.39 and a beta of 0.58.

Cellectar Biosciences (NASDAQ:CLRB) last posted its earnings results on Thursday, August 13th. The biopharmaceutical company reported ($0.57) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.52) by ($0.05). On average, research analysts expect that Cellectar Biosciences, Inc. will post -2.39 EPS for the current year.

About Cellectar Biosciences

Cellectar Biosciences, Inc is a clinical-stage biotechnology company focused on developing targeted radiopharmaceuticals for the treatment and diagnosis of cancer. The company’s technology platform is based on phospholipid ether analogs, which are designed to preferentially accumulate in tumor cells and can be linked to radioactive isotopes for targeted imaging or therapy.

Cellectar’s lead product candidate is iopofosine I 131, also known as CLR 131, a targeted radiotherapeutic being developed for cancers including relapsed or refractory multiple myeloma.