Cellectar Biosciences (NASDAQ:CLRB) Stock Passes Below 200 Day Moving Average – Here’s What Happened

Cellectar Biosciences, Inc. (NASDAQ:CLRB)’s share price passed below its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $3.33 and traded as low as $2.80. Cellectar Biosciences shares last traded at $2.88, with a volume of 3,986 shares trading hands.

Analyst Upgrades and Downgrades

Several research firms have weighed in on CLRB. Maxim Group upgraded Cellectar Biosciences from a “hold” rating to a “buy” rating in a research note on Tuesday, March 10th. Weiss Ratings restated a “sell (e+)” rating on shares of Cellectar Biosciences in a research note on Monday. Two investment analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold”.

Cellectar Biosciences Stock Up 1.4%

The stock has a market cap of $12.21 million, a PE ratio of -0.30 and a beta of 0.41. The business has a 50 day moving average price of $2.99 and a 200 day moving average price of $3.33.

Cellectar Biosciences (NASDAQ:CLRB) last issued its earnings results on Wednesday, March 4th. The biopharmaceutical company reported ($0.53) EPS for the quarter, topping analysts’ consensus estimates of ($1.19) by $0.66. On average, research analysts predict that Cellectar Biosciences, Inc. will post -4.15 earnings per share for the current fiscal year.

Institutional Trading of Cellectar Biosciences

A number of hedge funds have recently modified their holdings of CLRB. Bank of America Corp DE boosted its stake 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 buying an additional 41,704 shares during the last quarter. DRW Securities LLC boosted its position in Cellectar Biosciences by 114.2% during the fourth 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 in the last quarter. Citadel Advisors LLC purchased a new position in Cellectar Biosciences during the third quarter worth approximately $104,000. Sequoia Financial Advisors LLC boosted its position 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 purchasing an additional 14,567 shares in the last quarter. Finally, Dimensional Fund Advisors LP purchased a new position in Cellectar Biosciences during the third 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.