Cellectar Biosciences, Inc. (NASDAQ:CLRB) Short Interest Update

Cellectar Biosciences, Inc. (NASDAQ:CLRB) saw a large increase in short interest during the month of May. As of May 15th, there was short interest totaling 777,622 shares, an increase of 3,288.2% from the April 30th total of 22,951 shares. Currently, 10.2% of the company’s stock are short sold. Based on an average daily trading volume, of 5,137,924 shares, the short-interest ratio is currently 0.2 days.

Wall Street Analyst Weigh In

CLRB has been the topic of a number of analyst reports. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Cellectar Biosciences in a research report on Monday, April 20th. Maxim Group upgraded Cellectar Biosciences from a “hold” rating to a “buy” rating in a research note on Tuesday, March 10th. LADENBURG THALM/SH SH assumed coverage on Cellectar Biosciences in a report on Friday, May 15th. They set a “buy” rating on the stock. Finally, Roth Mkm reaffirmed a “buy” rating and issued a $11.00 target price on shares of Cellectar Biosciences in a research report on Tuesday, May 5th. Three equities research analysts have rated the stock with a Buy rating and one has given a Sell rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $11.00.

Cellectar Biosciences Stock Performance

Shares of NASDAQ:CLRB opened at $3.14 on Thursday. The stock has a market capitalization of $25.09 million, a price-to-earnings ratio of -0.47 and a beta of 0.43. Cellectar Biosciences has a 1-year low of $2.43 and a 1-year high of $20.60. The company’s fifty day moving average is $2.94 and its two-hundred day moving average is $3.14.

Cellectar Biosciences (NASDAQ:CLRB) last issued its earnings results on Thursday, May 14th. The biopharmaceutical company reported ($1.33) EPS for the quarter, beating analysts’ consensus estimates of ($1.88) by $0.55. Sell-side analysts expect that Cellectar Biosciences will post -2.34 EPS for the current fiscal year.

Institutional Trading of Cellectar Biosciences

Several hedge funds have recently added to or reduced their stakes in CLRB. XTX Topco Ltd acquired a new position in Cellectar Biosciences during the 4th quarter valued at about $36,000. Sequoia Financial Advisors LLC bought a new stake in shares of Cellectar Biosciences during the 3rd quarter worth $60,000. Bank of America Corp DE boosted its position in shares of Cellectar Biosciences by 25.3% in the 4th quarter. Bank of America Corp DE now owns 206,783 shares of the biopharmaceutical company’s stock valued at $62,000 after purchasing an additional 41,704 shares during the period. Dimensional Fund Advisors LP purchased a new position in shares of Cellectar Biosciences in the third quarter worth approximately $73,000. Finally, Geode Capital Management LLC grew its position in Cellectar Biosciences by 15.0% during the 4th quarter. Geode Capital Management LLC now owns 28,636 shares of the biopharmaceutical company’s stock worth $84,000 after purchasing an additional 3,744 shares in the last quarter. Institutional investors 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.