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

Cellectar Biosciences, Inc. (NASDAQ:CLRB)’s stock price 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 changing hands.

Analyst Ratings Changes

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

Cellectar Biosciences Stock Up 3.1%

The company has a market capitalization of $14.25 million, a price-to-earnings ratio of -0.36 and a beta of 0.32. The company has a debt-to-equity ratio of 0.04, a quick ratio of 2.77 and a current ratio of 2.77. The business’s 50 day moving average is $3.22 and its 200 day moving average is $3.92.

Institutional Trading of Cellectar Biosciences

A number of institutional investors and hedge funds have recently added to or reduced their stakes in CLRB. Citadel Advisors LLC purchased a new stake in Cellectar Biosciences during the 3rd quarter valued at about $104,000. Bank of America Corp DE lifted its holdings 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 during the period. Geode Capital Management LLC boosted its position 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 buying an additional 3,744 shares during the last quarter. Riverview Capital Advisers LLC acquired a new position in Cellectar Biosciences in the 2nd quarter worth approximately $75,000. Finally, XTX Topco Ltd purchased a new position in Cellectar Biosciences during the 4th quarter worth approximately $36,000. Institutional investors and hedge funds own 16.41% of the company’s stock.

About Cellectar Biosciences

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.