Cellectar Biosciences (NASDAQ:CLRB) Share Price Crosses Above 50-Day Moving Average – Should You Sell?

Cellectar Biosciences, Inc. (NASDAQ:CLRB) passed above its 50-day moving average during trading on Tuesday . The stock has a 50-day moving average of $2.60 and traded as high as $2.60. Cellectar Biosciences shares last traded at $2.54, with a volume of 16,664 shares.

Analysts Set New Price Targets

Several research analysts recently weighed in on the stock. Brookline Capital Markets upgraded shares of Cellectar Biosciences to a “strong-buy” rating in a research report on Sunday, July 12th. Wall Street Zen downgraded Cellectar Biosciences from a “hold” rating to a “sell” rating in a research note on Saturday, August 15th. Weiss Ratings reiterated a “sell (e+)” rating on shares of Cellectar Biosciences in a research report on Friday, July 17th. LADENBURG THALM/SH SH assumed coverage on shares of Cellectar Biosciences in a report on Friday, May 15th. They issued a “buy” rating for the company. Finally, Roth Capital restated a “buy” rating and issued a $11.00 price target on shares of Cellectar Biosciences in a research report on Tuesday, May 5th. One equities research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and one has given a Sell rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $11.00.

Cellectar Biosciences Price Performance

The business has a fifty day moving average of $2.60 and a 200 day moving average of $2.82. The stock has a market capitalization of $24.00 million, a price-to-earnings ratio of -0.66 and a beta of 0.55.

Cellectar Biosciences (NASDAQ:CLRB) last released its quarterly earnings results on Thursday, August 13th. The biopharmaceutical company reported ($0.57) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.52) by ($0.05). On average, equities research analysts expect that Cellectar Biosciences, Inc. will post -2.39 EPS for the current year.

Institutional Investors Weigh In On Cellectar Biosciences

A number of institutional investors have recently modified their holdings of the company. XTX Topco Ltd purchased a new stake in Cellectar Biosciences during the fourth quarter worth about $36,000. DRW Securities LLC increased 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 period. Geode Capital Management LLC boosted its holdings 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 valued at $84,000 after purchasing an additional 3,744 shares during the period. Sequoia Financial Advisors LLC increased its holdings in Cellectar Biosciences by 135.1% during the 4th quarter. Sequoia Financial Advisors LLC now owns 25,350 shares of the biopharmaceutical company’s stock worth $75,000 after purchasing an additional 14,567 shares during the period. Finally, Citadel Advisors LLC acquired a new stake in Cellectar Biosciences in the 3rd quarter valued at about $104,000. 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.