Short Interest in Cellectar Biosciences, Inc. (NASDAQ:CLRB) Grows By 238.8%

Cellectar Biosciences, Inc. (NASDAQ:CLRB) saw a large growth in short interest in the month of June. As of June 30th, there was short interest totaling 194,336 shares, a growth of 238.8% from the June 15th total of 57,356 shares. Based on an average trading volume of 156,963 shares, the days-to-cover ratio is currently 1.2 days. Approximately 2.5% of the shares of the company are sold short.

Hedge Funds Weigh In On Cellectar Biosciences

Large investors have recently made changes to their positions in the company. Bank of America Corp DE boosted its holdings in Cellectar Biosciences by 25.3% in the fourth quarter. Bank of America Corp DE now owns 206,783 shares of the biopharmaceutical company’s stock valued at $62,000 after acquiring an additional 41,704 shares during the last quarter. Dimensional Fund Advisors LP bought a new stake in Cellectar Biosciences during the 3rd quarter worth about $73,000. Citadel Advisors LLC acquired a new position in Cellectar Biosciences during the 3rd quarter valued at about $104,000. Sequoia Financial Advisors LLC lifted its position in Cellectar Biosciences by 135.1% during the 4th quarter. Sequoia Financial Advisors LLC now owns 25,350 shares of the biopharmaceutical company’s stock valued at $75,000 after purchasing an additional 14,567 shares during the period. Finally, Geode Capital Management LLC boosted its stake in shares of Cellectar Biosciences by 15.0% in the 4th quarter. Geode Capital Management LLC now owns 28,636 shares of the biopharmaceutical company’s stock valued at $84,000 after purchasing an additional 3,744 shares during the last quarter. Institutional investors and hedge funds own 16.41% of the company’s stock.

Cellectar Biosciences Price Performance

CLRB opened at $2.63 on Wednesday. The stock has a market capitalization of $21.01 million, a P/E ratio of -0.39 and a beta of 0.55. The company’s 50 day simple moving average is $2.80 and its 200-day simple moving average is $2.99. Cellectar Biosciences has a one year low of $2.20 and a one year high of $6.52.

Cellectar Biosciences (NASDAQ:CLRB) last posted its quarterly earnings data on Thursday, May 14th. The biopharmaceutical company reported ($1.33) earnings per share for the quarter, topping the consensus estimate of ($1.88) by $0.55. As a group, analysts anticipate that Cellectar Biosciences will post -2.34 EPS for the current year.

Wall Street Analysts Forecast Growth

CLRB has been the topic of a number of research reports. Roth Capital restated a “buy” rating and set a $11.00 price objective on shares of Cellectar Biosciences in a research report on Tuesday, May 5th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Cellectar Biosciences in a research report on Monday, April 20th. Brookline Capital Markets upgraded shares of Cellectar Biosciences to a “strong-buy” rating in a research note on Sunday. Wall Street Zen raised shares of Cellectar Biosciences to a “hold” rating in a report on Saturday, June 20th. Finally, LADENBURG THALM/SH SH began coverage on shares of Cellectar Biosciences in a research note on Friday, May 15th. They issued a “buy” rating for the company. One equities research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and one has given a Sell rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $11.00.

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.