Cellectar Biosciences (NASDAQ:CLRB) Stock Crosses Below 50-Day Moving Average – Should You Sell?

Cellectar Biosciences, Inc. (NASDAQ:CLRB) crossed below its 50 day moving average during trading on Monday . The stock has a 50 day moving average of $0.30 and traded as low as $0.28. Cellectar Biosciences shares last traded at $0.30, with a volume of 2,243,160 shares traded.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on CLRB shares. Wall Street Zen assumed coverage on Cellectar Biosciences in a research report on Wednesday, May 21st. They issued a “sell” rating for the company. Maxim Group reissued a “hold” rating on shares of Cellectar Biosciences in a report on Wednesday, May 14th.

Cellectar Biosciences Price Performance

The stock has a market cap of $16.19 million, a PE ratio of -0.41 and a beta of 0.52. The business has a fifty day moving average of $0.30 and a 200 day moving average of $0.31.

Cellectar Biosciences (NASDAQ:CLRB) last issued its quarterly earnings results on Tuesday, May 13th. The biopharmaceutical company reported ($0.13) EPS for the quarter, beating analysts’ consensus estimates of ($0.17) by $0.04. On average, equities research analysts expect that Cellectar Biosciences, Inc. will post -1.59 EPS for the current year.

Institutional Trading of Cellectar Biosciences

Institutional investors and hedge funds have recently bought and sold shares of the company. Squarepoint Ops LLC acquired a new stake in Cellectar Biosciences during the fourth quarter valued at approximately $156,000. JPMorgan Chase & Co. raised its stake in Cellectar Biosciences by 687.3% during the fourth quarter. JPMorgan Chase & Co. now owns 182,403 shares of the biopharmaceutical company’s stock valued at $55,000 after buying an additional 159,234 shares in the last quarter. Bank of America Corp DE raised its stake in Cellectar Biosciences by 25.3% during the fourth quarter. Bank of America Corp DE now owns 206,783 shares of the biopharmaceutical company’s stock valued at $62,000 after buying an additional 41,704 shares in the last quarter. Simplex Trading LLC raised its stake in Cellectar Biosciences by 331.3% during the first quarter. Simplex Trading LLC now owns 173,129 shares of the biopharmaceutical company’s stock valued at $54,000 after buying an additional 132,986 shares in the last quarter. Finally, XTX Topco Ltd raised its stake in Cellectar Biosciences by 122.6% during the first quarter. XTX Topco Ltd now owns 104,323 shares of the biopharmaceutical company’s stock valued at $33,000 after buying an additional 57,447 shares in the last quarter. Institutional investors and hedge funds own 16.41% of the company’s stock.

About Cellectar Biosciences

Cellectar Biosciences, Inc, a clinical biopharmaceutical company, focuses on the discovery, development, and commercialization of drugs for the treatment of cancer. Its lead phospholipid drug conjugate (PDC) candidate is CLR 131 (iopofosine I-131), which is in Phase 2 clinical study for patients with B-cell malignancies; Phase 2a clinical study for patients with relapsed or refractory (r/r) Waldenstrom's macroglobulinemia cohort, r/r multiple myeloma (MM) cohort, and r/r non-Hodgkin's lymphoma cohort; Phase 1 clinical study for r/r pediatric patients with select solid tumors, lymphomas, and malignant brain tumors; and Phase 1 clinical study for r/r head and neck cancer.