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

Cellectar Biosciences, Inc. (NASDAQ:CLRB)’s share price crossed below its 200-day moving average during trading on Friday . The stock has a 200-day moving average of $1.36 and traded as low as $0.31. Cellectar Biosciences shares last traded at $0.31, with a volume of 645,337 shares changing hands.

Analyst Ratings Changes

Several research firms recently weighed in on CLRB. StockNews.com began coverage on shares of Cellectar Biosciences in a report on Saturday. They issued a “sell” rating for the company. Oppenheimer restated a “market perform” rating on shares of Cellectar Biosciences in a research note on Wednesday, December 11th. Finally, LADENBURG THALM/SH SH assumed coverage on shares of Cellectar Biosciences in a research note on Thursday, December 5th. They issued a “buy” rating and a $13.00 price target for the company.

Cellectar Biosciences Price Performance

The company’s 50 day simple moving average is $0.28 and its 200 day simple moving average is $1.36. The firm has a market cap of $14.47 million, a price-to-earnings ratio of -0.18 and a beta of 1.05.

Hedge Funds Weigh In On Cellectar Biosciences

Several institutional investors have recently modified their holdings of CLRB. Oppenheimer & Co. Inc. acquired a new position in shares of Cellectar Biosciences in the third quarter worth $27,000. Sequoia Financial Advisors LLC purchased a new stake in shares of Cellectar Biosciences during the 3rd quarter worth $51,000. JPMorgan Chase & Co. lifted its position in shares of Cellectar Biosciences by 687.3% during the 4th quarter. JPMorgan Chase & Co. now owns 182,403 shares of the biopharmaceutical company’s stock worth $55,000 after purchasing an additional 159,234 shares during the last quarter. Bank of America Corp DE lifted its position in shares of 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 purchasing an additional 41,704 shares during the last quarter. Finally, Squarepoint Ops LLC purchased a new stake in shares of Cellectar Biosciences during the 4th quarter worth $156,000. Institutional investors and hedge funds own 16.41% of the company’s stock.

Cellectar Biosciences Company Profile

Cellectar Biosciences, Inc, a clinical biopharmaceutical company, focuses on the discovery, development, and commercialization of drugs for the treatment of cancer. Its lead phospholipid drug conjugate (PDC) candidate is CLR 131 (iopofosine I-131), which is in Phase 2 clinical study for patients with B-cell malignancies; Phase 2a clinical study for patients with relapsed or refractory (r/r) Waldenstrom's macroglobulinemia cohort, r/r multiple myeloma (MM) cohort, and r/r non-Hodgkin's lymphoma cohort; Phase 1 clinical study for r/r pediatric patients with select solid tumors, lymphomas, and malignant brain tumors; and Phase 1 clinical study for r/r head and neck cancer.