Cellectar Biosciences (NASDAQ:CLRB) Shares Pass Below Fifty Day Moving Average – Here’s What Happened

Cellectar Biosciences, Inc. (NASDAQ:CLRB) shares passed below its 50 day moving average during trading on Thursday . The stock has a 50 day moving average of $2.81 and traded as low as $2.67. Cellectar Biosciences shares last traded at $2.77, with a volume of 17,544 shares traded.

Wall Street Analysts Forecast Growth

CLRB has been the subject of several research reports. Roth Capital reaffirmed a “buy” rating and set a $11.00 target price on shares of Cellectar Biosciences in a research note on Tuesday, May 5th. Weiss Ratings reissued a “sell (e+)” rating on shares of Cellectar Biosciences in a report on Monday, April 20th. Wall Street Zen upgraded shares of Cellectar Biosciences to a “hold” rating in a research report on Saturday, June 20th. Finally, LADENBURG THALM/SH SH began coverage on shares of Cellectar Biosciences in a research note on Friday, May 15th. They issued a “buy” rating on the stock. Three equities research analysts have rated the stock with a Buy rating and one has given a Sell rating to the company’s stock. According to MarketBeat, Cellectar Biosciences presently has a consensus rating of “Moderate Buy” and a consensus target price of $11.00.

Cellectar Biosciences Stock Up 3.0%

The company has a market capitalization of $22.13 million, a price-to-earnings ratio of -0.42 and a beta of 0.55. The business has a 50-day moving average price of $2.81 and a 200-day moving average price of $2.99.

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

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the company. Bank of America Corp DE increased its position in shares of Cellectar Biosciences by 25.3% in the fourth quarter. Bank of America Corp DE now owns 206,783 shares of the biopharmaceutical company’s stock worth $62,000 after acquiring an additional 41,704 shares in the last quarter. DRW Securities LLC lifted its position in shares of Cellectar Biosciences by 114.2% in the 4th quarter. DRW Securities LLC now owns 45,190 shares of the biopharmaceutical company’s stock valued at $133,000 after acquiring an additional 24,089 shares in the last quarter. Citadel Advisors LLC acquired a new position in Cellectar Biosciences in the 3rd quarter worth approximately $104,000. Sequoia Financial Advisors LLC boosted its stake in Cellectar Biosciences by 135.1% in 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 period. Finally, Dimensional Fund Advisors LP purchased a new position in Cellectar Biosciences during the 3rd quarter worth approximately $73,000. 16.41% of the stock is currently owned by institutional investors and hedge funds.

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.