Cellectar Biosciences (NASDAQ:CLRB) Share Price Crosses Below 50 Day Moving Average – Here’s Why

Cellectar Biosciences, Inc. (NASDAQ:CLRB) shares crossed 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 trading hands.

Analysts Set New Price Targets

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

Cellectar Biosciences Stock Up 1.8%

The stock has a 50 day moving average price of $2.81 and a 200 day moving average price of $2.99. The stock has a market capitalization of $22.53 million, a price-to-earnings ratio of -0.42 and a beta of 0.55.

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

Hedge Funds Weigh In On Cellectar Biosciences

Large investors have recently modified their holdings of the business. XTX Topco Ltd acquired a new position in shares of Cellectar Biosciences during the fourth quarter worth $36,000. Bank of America Corp DE increased its holdings in 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 valued at $62,000 after purchasing an additional 41,704 shares during the period. Dimensional Fund Advisors LP bought a new position in Cellectar Biosciences during the 3rd quarter worth $73,000. Sequoia Financial Advisors LLC raised its position 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, Geode Capital Management LLC lifted its holdings in 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 buying an additional 3,744 shares during the period. Institutional investors own 16.41% of the company’s stock.

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.