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

Cellectar Biosciences, Inc. (NASDAQ:CLRB)’s share price crossed below its two hundred day moving average during trading on Thursday . The stock has a two hundred 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 Upgrades and Downgrades

CLRB has been the topic of several research reports. Wall Street Zen raised Cellectar Biosciences to a “hold” rating in a report on Saturday, June 20th. Roth Capital reissued a “buy” rating and set a $11.00 price target on shares of Cellectar Biosciences in a research note on Tuesday, May 5th. LADENBURG THALM/SH SH initiated coverage on Cellectar Biosciences in a report on Friday, May 15th. They set a “buy” rating for the company. Brookline Capital Markets raised Cellectar Biosciences to a “strong-buy” rating in a research note on Sunday, July 12th. Finally, Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Cellectar Biosciences in a report on Friday, July 17th. One research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and one has given a Sell rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $11.00.

Cellectar Biosciences Price Performance

The company’s 50-day simple moving average is $2.65 and its 200 day simple moving average is $2.94. The firm 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 quarterly earnings data on Thursday, May 14th. The biopharmaceutical company reported ($1.33) EPS for the quarter, topping analysts’ consensus estimates of ($1.88) by $0.55. Analysts anticipate that Cellectar Biosciences, Inc. will post -2.34 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in CLRB. XTX Topco Ltd purchased a new position in Cellectar Biosciences in the fourth quarter worth about $36,000. Dimensional Fund Advisors LP purchased a new stake in Cellectar Biosciences during the third quarter valued at approximately $73,000. Citadel Advisors LLC purchased a new stake in Cellectar Biosciences during the third quarter valued at approximately $104,000. Sequoia Financial Advisors LLC lifted its stake in shares of Cellectar Biosciences by 135.1% in the 4th quarter. Sequoia Financial Advisors LLC now owns 25,350 shares of the biopharmaceutical company’s stock valued at $75,000 after purchasing an additional 14,567 shares during the last quarter. Finally, Geode Capital Management LLC lifted its stake in shares of Cellectar Biosciences by 15.0% in the 4th quarter. Geode Capital Management LLC now owns 28,636 shares of the biopharmaceutical company’s stock valued at $84,000 after purchasing an additional 3,744 shares during the last quarter. Hedge funds and other institutional investors own 16.41% of the company’s stock.

Cellectar Biosciences Company Profile

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.