Cellectar Biosciences (NASDAQ:CLRB) Shares Gap Down - Time to Sell?

Cellectar Biosciences, Inc. (NASDAQ:CLRB - Get Free Report)'s stock price gapped down before the market opened on Tuesday . The stock had previously closed at $8.93, but opened at $8.55. Cellectar Biosciences shares last traded at $9.61, with a volume of 139,667 shares changing hands.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on CLRB. Wall Street Zen began coverage on Cellectar Biosciences in a research report on Wednesday, May 21st. They issued a "sell" rating on the stock. Maxim Group reaffirmed a "hold" rating on shares of Cellectar Biosciences in a report on Wednesday, May 14th.

Cellectar Biosciences Price Performance

The firm has a market cap of $527.29 million, a price-to-earnings ratio of -13.29 and a beta of 0.52. The firm's fifty day moving average is $0.30 and its two-hundred day moving average is $0.31.

Cellectar Biosciences (NASDAQ:CLRB - Get Free Report) last issued its quarterly earnings data on Tuesday, May 13th. The biopharmaceutical company reported ($0.13) earnings per share for the quarter, beating the consensus estimate of ($0.17) by $0.04. On average, equities analysts forecast that Cellectar Biosciences, Inc. will post -1.59 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Cellectar Biosciences

Several institutional investors and hedge funds have recently bought and sold shares of the business. Squarepoint Ops LLC acquired a new position in Cellectar Biosciences in the fourth quarter worth about $156,000. JPMorgan Chase & Co. boosted its stake in Cellectar Biosciences by 687.3% in the 4th quarter. JPMorgan Chase & Co. now owns 182,403 shares of the biopharmaceutical company's stock valued at $55,000 after buying an additional 159,234 shares in the last quarter. Bank of America Corp DE grew its position 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 acquiring an additional 41,704 shares during the period. Simplex Trading LLC lifted its holdings in shares of Cellectar Biosciences by 331.3% during the first quarter. Simplex Trading LLC now owns 173,129 shares of the biopharmaceutical company's stock valued at $54,000 after acquiring an additional 132,986 shares during the period. Finally, XTX Topco Ltd boosted its stake in shares of Cellectar Biosciences by 122.6% in the 1st quarter. XTX Topco Ltd now owns 104,323 shares of the biopharmaceutical company's stock valued at $33,000 after purchasing an additional 57,447 shares in the last quarter. 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.

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