Cellectar Biosciences (NASDAQ:CLRB) Shares Pass Below 200-Day Moving Average – Here’s Why

Shares of Cellectar Biosciences, Inc. (NASDAQ:CLRB) crossed below its two hundred day moving average during trading on Wednesday . The stock has a two hundred day moving average of $2.98 and traded as low as $2.46. Cellectar Biosciences shares last traded at $2.47, with a volume of 36,528 shares traded.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on CLRB shares. LADENBURG THALM/SH SH started coverage on shares of Cellectar Biosciences in a research report on Friday, May 15th. They issued a “buy” rating on the stock. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Cellectar Biosciences in a report on Friday, July 17th. Roth Capital reiterated a “buy” rating and issued a $11.00 price target on shares of Cellectar Biosciences in a research note on Tuesday, May 5th. Brookline Capital Markets raised shares of Cellectar Biosciences to a “strong-buy” rating in a report on Sunday, July 12th. Finally, Wall Street Zen upgraded shares of Cellectar Biosciences to a “hold” rating in a research report on Saturday, June 20th. One investment analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $11.00.

Cellectar Biosciences Trading Down 4.3%

The stock’s 50-day simple moving average is $2.73 and its 200-day simple moving average is $2.98. The stock has a market cap of $19.74 million, a price-to-earnings ratio of -0.37 and a beta of 0.55.

Cellectar Biosciences (NASDAQ:CLRB) last posted its quarterly earnings data on Thursday, May 14th. The biopharmaceutical company reported ($1.33) EPS for the quarter, topping analysts’ consensus estimates of ($1.88) by $0.55. On average, equities research analysts forecast that Cellectar Biosciences, Inc. will post -2.34 earnings per share for the current year.

Institutional Trading of Cellectar Biosciences

Several large investors have recently made changes to their positions in CLRB. DRW Securities LLC boosted its holdings 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 purchasing an additional 24,089 shares in the last quarter. Geode Capital Management LLC boosted its position 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. Citadel Advisors LLC acquired a new position in shares of Cellectar Biosciences during the third quarter worth $104,000. Dimensional Fund Advisors LP acquired a new position in shares of Cellectar Biosciences during the third quarter worth $73,000. Finally, Bank of America Corp DE grew 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 purchasing an additional 41,704 shares during the last quarter. Institutional investors and hedge funds 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.