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

Cellectar Biosciences, Inc. (NASDAQ:CLRB)’s stock price passed below its 200-day moving average during trading on Friday . The stock has a 200-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 traded.

Wall Street Analyst Weigh In

A number of research firms have weighed in on CLRB. LADENBURG THALM/SH SH initiated coverage on shares of Cellectar Biosciences in a research note on Friday, May 15th. They set a “buy” rating on the stock. Roth Mkm reiterated a “buy” rating and set a $11.00 target price on shares of Cellectar Biosciences in a report on Tuesday, May 5th. Weiss Ratings reissued a “sell (e+)” rating on shares of Cellectar Biosciences in a research report on Monday, April 20th. Finally, Maxim Group raised shares of Cellectar Biosciences from a “hold” rating to a “buy” rating in a research report on Tuesday, March 10th. Three equities research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $11.00.

Cellectar Biosciences Stock Performance

The firm has a market cap of $25.57 million, a price-to-earnings ratio of -0.48 and a beta of 0.43. The company’s fifty day moving average is $2.94 and its two-hundred day moving average is $3.14.

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

Institutional Investors Weigh In On Cellectar Biosciences

Several hedge funds and other institutional investors have recently added to or reduced their stakes in CLRB. Bank of America Corp DE increased 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 period. DRW Securities LLC increased its holdings 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 purchasing an additional 24,089 shares during the last quarter. Citadel Advisors LLC purchased a new stake in Cellectar Biosciences during the 3rd quarter worth approximately $104,000. Sequoia Financial Advisors LLC increased its holdings 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 purchasing an additional 14,567 shares during the last quarter. Finally, Dimensional Fund Advisors LP purchased a new stake in Cellectar Biosciences during the 3rd quarter worth approximately $73,000. Hedge funds and other 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.