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

Cellectar Biosciences, Inc. (NASDAQ:CLRB)’s share price passed above its 50 day moving average during trading on Tuesday . The stock has a 50 day moving average of $2.10 and traded as high as $2.12. Cellectar Biosciences shares last traded at $2.12, with a volume of 150,630 shares.

Wall Street Analyst Weigh In

Several equities research analysts have commented on the stock. Oppenheimer reiterated an “outperform” rating and issued a $14.00 price target on shares of Cellectar Biosciences in a research report on Friday, October 11th. StockNews.com upgraded shares of Cellectar Biosciences to a “sell” rating in a research report on Thursday, September 26th.

Cellectar Biosciences Stock Performance

The stock has a 50 day moving average of $2.10 and a two-hundred day moving average of $2.58. The stock has a market cap of $75.28 million, a PE ratio of -0.68 and a beta of 0.99.

Hedge Funds Weigh In On Cellectar Biosciences

A number of institutional investors have recently bought and sold shares of CLRB. Vanguard Group Inc. increased its stake in Cellectar Biosciences by 146.7% in the 1st quarter. Vanguard Group Inc. now owns 1,191,081 shares of the biopharmaceutical company’s stock worth $4,741,000 after purchasing an additional 708,191 shares in the last quarter. Rosalind Advisors Inc. grew its stake in Cellectar Biosciences by 335.4% during the 2nd quarter. Rosalind Advisors Inc. now owns 2,705,616 shares of the biopharmaceutical company’s stock valued at $6,764,000 after acquiring an additional 2,084,138 shares in the last quarter. AIGH Capital Management LLC grew its stake in Cellectar Biosciences by 8.2% during the 2nd quarter. AIGH Capital Management LLC now owns 3,036,187 shares of the biopharmaceutical company’s stock valued at $7,590,000 after acquiring an additional 231,270 shares in the last quarter. XTX Topco Ltd grew its stake in Cellectar Biosciences by 432.4% during the 2nd quarter. XTX Topco Ltd now owns 63,304 shares of the biopharmaceutical company’s stock valued at $158,000 after acquiring an additional 51,413 shares in the last quarter. Finally, Sequoia Financial Advisors LLC acquired a new stake in shares of Cellectar Biosciences during the 3rd quarter valued at about $51,000. Hedge funds and other institutional investors own 16.41% of the company’s stock.

About Cellectar Biosciences

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.