Cellectar Biosciences (NASDAQ:CLRB) Stock Passes Below Two Hundred Day Moving Average – Time to Sell?

Cellectar Biosciences, Inc. (NASDAQ:CLRB)’s stock price crossed below its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $2.94 and traded as low as $2.47. Cellectar Biosciences shares last traded at $2.53, with a volume of 30,164 shares changing hands.

Analyst Ratings Changes

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

Cellectar Biosciences Stock Up 2.0%

The business has a 50 day moving average price of $2.65 and a two-hundred day moving average price of $2.94. The stock has a market cap of $20.21 million, a P/E ratio of -0.38 and a beta of 0.55.

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

Institutional Investors Weigh In On Cellectar Biosciences

Institutional investors and hedge funds have recently modified their holdings of the stock. Bank of America Corp DE lifted its holdings 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 buying an additional 41,704 shares in the last quarter. DRW Securities LLC boosted its position in shares of Cellectar Biosciences by 114.2% during the fourth quarter. DRW Securities LLC now owns 45,190 shares of the biopharmaceutical company’s stock worth $133,000 after acquiring an additional 24,089 shares during the last quarter. Citadel Advisors LLC purchased a new position in Cellectar Biosciences during the third quarter valued at $104,000. Sequoia Financial Advisors LLC grew its stake in Cellectar Biosciences by 135.1% during the fourth quarter. Sequoia Financial Advisors LLC now owns 25,350 shares of the biopharmaceutical company’s stock valued at $75,000 after acquiring an additional 14,567 shares in the last quarter. Finally, Dimensional Fund Advisors LP bought a new stake in Cellectar Biosciences in the 3rd quarter valued at $73,000. Institutional investors 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.