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

Cellectar Biosciences, Inc. (NASDAQ:CLRB)’s share price crossed above its 50-day moving average during trading on Thursday . The stock has a 50-day moving average of $4.94 and traded as high as $5.76. Cellectar Biosciences shares last traded at $5.75, with a volume of 118,405 shares changing hands.

Analyst Upgrades and Downgrades

CLRB has been the topic of several recent analyst reports. Wall Street Zen raised Cellectar Biosciences to a “sell” rating in a research report on Friday, June 27th. Roth Capital reaffirmed a “buy” rating on shares of Cellectar Biosciences in a research report on Thursday, August 14th. Two research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $375.00.

Cellectar Biosciences Stock Down 0.5%

The business has a fifty day simple moving average of $4.94 and a two-hundred day simple moving average of $7.25. The company has a market cap of $18.34 million, a P/E ratio of -0.29 and a beta of 0.52.

Cellectar Biosciences (NASDAQ:CLRB) last posted its earnings results on Thursday, August 14th. The biopharmaceutical company reported ($3.39) earnings per share for the quarter, beating analysts’ consensus estimates of ($3.60) by $0.21. On average, equities analysts predict that Cellectar Biosciences, Inc. will post -1.59 EPS for the current fiscal year.

Insider Transactions at Cellectar Biosciences

In related news, COO Jarrod Longcor acquired 10,000 shares of the firm’s stock in a transaction dated Wednesday, July 2nd. The shares were purchased at an average price of $4.99 per share, with a total value of $49,900.00. Following the completion of the purchase, the chief operating officer directly owned 12,768 shares of the company’s stock, valued at $63,712.32. This represents a 361.27% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO James V. Caruso acquired 10,000 shares of the firm’s stock in a transaction dated Wednesday, July 2nd. The stock was bought at an average cost of $4.99 per share, for a total transaction of $49,900.00. Following the purchase, the chief executive officer directly owned 11,638 shares of the company’s stock, valued at approximately $58,073.62. This trade represents a 610.50% increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last three months, insiders acquired 25,000 shares of company stock worth $124,750. 5.04% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the stock. Riverview Capital Advisers LLC bought a new position in shares of Cellectar Biosciences in the second quarter worth about $75,000. Bank of America Corp DE grew its position in shares of 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 worth $62,000 after purchasing an additional 41,704 shares in the last quarter. XTX Topco Ltd grew its position in shares of Cellectar Biosciences by 122.6% during the first quarter. XTX Topco Ltd now owns 104,323 shares of the biopharmaceutical company’s stock worth $33,000 after purchasing an additional 57,447 shares in the last quarter. Simplex Trading LLC grew its position in shares of Cellectar Biosciences by 331.3% during the first quarter. Simplex Trading LLC now owns 173,129 shares of the biopharmaceutical company’s stock worth $54,000 after purchasing an additional 132,986 shares in the last quarter. Finally, Baader Bank Aktiengesellschaft purchased a new stake in shares of Cellectar Biosciences during the first quarter worth about $55,000. Institutional investors own 16.41% of the company’s stock.

Cellectar Biosciences Company Profile

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.