Cellectar Biosciences (NASDAQ:CLRB) Share Price Passes Above 50 Day Moving Average – Time to Sell?

Shares of 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 $3.22 and traded as high as $3.41. Cellectar Biosciences shares last traded at $3.36, with a volume of 11,800 shares trading hands.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings restated a “sell (e+)” rating on shares of Cellectar Biosciences in a research report on Wednesday, January 21st. One analyst has rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, Cellectar Biosciences presently has a consensus rating of “Hold”.

Cellectar Biosciences Trading Up 3.1%

The firm has a market cap of $14.25 million, a PE ratio of -0.36 and a beta of 0.32. The company has a 50-day simple moving average of $3.22 and a 200 day simple moving average of $3.92. The company has a current ratio of 2.77, a quick ratio of 2.77 and a debt-to-equity ratio of 0.04.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. Bank of America Corp DE boosted its stake in shares of Cellectar Biosciences by 25.3% during the 4th quarter. Bank of America Corp DE now owns 206,783 shares of the biopharmaceutical company’s stock worth $62,000 after acquiring an additional 41,704 shares in the last quarter. DRW Securities LLC raised its holdings in Cellectar Biosciences by 114.2% in the 4th 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. Citadel Advisors LLC acquired a new position in Cellectar Biosciences in the 3rd quarter worth about $104,000. Sequoia Financial Advisors LLC boosted its position 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 worth $75,000 after purchasing an additional 14,567 shares in the last quarter. Finally, Dimensional Fund Advisors LP acquired a new stake in Cellectar Biosciences in the third quarter valued at approximately $73,000. Institutional investors and hedge funds 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.