Cellectar Biosciences (NASDAQ:CLRB) Stock Price Crosses Below 50 Day Moving Average – Should You Sell?

Cellectar Biosciences, Inc. (NASDAQ:CLRB)’s stock price crossed below its fifty day moving average during trading on Thursday . The stock has a fifty day moving average of $2.81 and traded as low as $2.67. Cellectar Biosciences shares last traded at $2.77, with a volume of 17,544 shares changing hands.

Analysts Set New Price Targets

Several brokerages have weighed in on CLRB. Wall Street Zen raised Cellectar Biosciences to a “hold” rating in a research report on Saturday, June 20th. Weiss Ratings restated a “sell (e+)” rating on shares of Cellectar Biosciences in a research report on Monday, April 20th. LADENBURG THALM/SH SH began coverage on shares of Cellectar Biosciences in a report on Friday, May 15th. They issued a “buy” rating on the stock. Finally, Roth Capital reiterated a “buy” rating and issued a $11.00 price objective on shares of Cellectar Biosciences in a research report on Tuesday, May 5th. Three investment analysts have rated the stock with a Buy rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $11.00.

Cellectar Biosciences Trading Up 3.0%

The stock has a 50-day simple moving average of $2.81 and a 200-day simple moving average of $2.99. The company has a market cap of $22.13 million, a price-to-earnings ratio of -0.42 and a beta of 0.55.

Cellectar Biosciences (NASDAQ:CLRB) last issued its quarterly earnings results on Thursday, May 14th. The biopharmaceutical company reported ($1.33) EPS for the quarter, beating analysts’ consensus estimates of ($1.88) by $0.55. As a group, research analysts expect that Cellectar Biosciences, Inc. will post -2.34 EPS for the current fiscal year.

Institutional Trading of Cellectar Biosciences

Hedge funds and other institutional investors have recently made changes to their positions in the stock. XTX Topco Ltd bought a new position in shares of Cellectar Biosciences in the fourth quarter valued at approximately $36,000. Bank of America Corp DE increased its stake in shares of Cellectar Biosciences by 25.3% during 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. Dimensional Fund Advisors LP bought a new stake in Cellectar Biosciences during the third quarter worth approximately $73,000. Geode Capital Management LLC lifted its position in Cellectar Biosciences by 15.0% in the fourth quarter. Geode Capital Management LLC now owns 28,636 shares of the biopharmaceutical company’s stock worth $84,000 after purchasing an additional 3,744 shares during the period. Finally, DRW Securities LLC lifted its position in Cellectar Biosciences by 114.2% in 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 during the period. 16.41% of the stock is currently owned by institutional investors.

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.