Cellectar Biosciences (NASDAQ:CLRB) Stock Price Passes Below 200-Day Moving Average – Time to Sell?

Cellectar Biosciences, Inc. (NASDAQ:CLRB)’s share price crossed below its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $3.08 and traded as low as $2.46. Cellectar Biosciences shares last traded at $2.79, with a volume of 299,465 shares changing hands.

Analyst Ratings Changes

Several equities analysts recently weighed in on CLRB shares. Wall Street Zen upgraded Cellectar Biosciences to a “hold” rating in a research report on Saturday. Weiss Ratings restated a “sell (e+)” rating on shares of Cellectar Biosciences in a report on Monday, April 20th. LADENBURG THALM/SH SH assumed coverage on shares of Cellectar Biosciences in a research note on Friday, May 15th. They set a “buy” rating for the company. Maxim Group upgraded shares of Cellectar Biosciences from a “hold” rating to a “buy” rating in a report on Tuesday, March 10th. Finally, Roth Mkm reissued a “buy” rating and issued a $11.00 target price on shares of Cellectar Biosciences in a research report on Tuesday, May 5th. Three analysts have rated the stock with a Buy rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $11.00.

Cellectar Biosciences Stock Performance

The stock has a market capitalization of $22.30 million, a price-to-earnings ratio of -0.42 and a beta of 0.52. The firm has a 50-day moving average of $2.85 and a 200 day moving average of $3.07.

Cellectar Biosciences (NASDAQ:CLRB) last issued its quarterly earnings data 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. As a group, research analysts forecast that Cellectar Biosciences, Inc. will post -2.34 EPS for the current year.

Institutional Investors Weigh In On Cellectar Biosciences

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

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.