Cellectar Biosciences, Inc. (NASDAQ:CLRB) Short Interest Down 77.8% in June

Cellectar Biosciences, Inc. (NASDAQ:CLRB) was the target of a significant decrease in short interest in the month of June. As of June 15th, there was short interest totaling 57,356 shares, a decrease of 77.8% from the May 31st total of 258,202 shares. Based on an average daily volume of 153,060 shares, the short-interest ratio is presently 0.4 days. Currently, 0.7% of the shares of the company are sold short.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on the company. LADENBURG THALM/SH SH started coverage on Cellectar Biosciences in a research note on Friday, May 15th. They issued a “buy” rating on the stock. Wall Street Zen raised shares of Cellectar Biosciences to a “hold” rating in a report on Saturday, June 20th. Roth Mkm reiterated a “buy” rating and set a $11.00 price objective on shares of Cellectar Biosciences in a research note on Tuesday, May 5th. Weiss Ratings reissued a “sell (e+)” rating on shares of Cellectar Biosciences in a report on Monday, April 20th. Finally, Maxim Group upgraded Cellectar Biosciences from a “hold” rating to a “buy” rating in a research report on Tuesday, March 10th. Three analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, Cellectar Biosciences has an average rating of “Moderate Buy” and a consensus target price of $11.00.

Hedge Funds Weigh In On Cellectar Biosciences

Hedge funds and other institutional investors have recently modified their holdings of the company. XTX Topco Ltd purchased a new position in shares of Cellectar Biosciences during the 4th quarter valued at about $36,000. DRW Securities LLC raised its stake in shares of Cellectar Biosciences by 114.2% during the fourth quarter. DRW Securities LLC now owns 45,190 shares of the biopharmaceutical company’s stock worth $133,000 after acquiring an additional 24,089 shares in the last quarter. Geode Capital Management LLC raised its stake in shares of Cellectar Biosciences by 15.0% during the fourth quarter. Geode Capital Management LLC now owns 28,636 shares of the biopharmaceutical company’s stock worth $84,000 after acquiring an additional 3,744 shares in the last quarter. Sequoia Financial Advisors LLC raised its position in Cellectar Biosciences by 135.1% in the 4th quarter. Sequoia Financial Advisors LLC now owns 25,350 shares of the biopharmaceutical company’s stock worth $75,000 after purchasing an additional 14,567 shares during the period. Finally, Citadel Advisors LLC purchased a new stake in Cellectar Biosciences during the third quarter valued at about $104,000. 16.41% of the stock is currently owned by hedge funds and other institutional investors.

Cellectar Biosciences Stock Performance

Cellectar Biosciences stock traded up $0.08 during mid-day trading on Monday, hitting $2.60. 104,217 shares of the company traded hands, compared to its average volume of 565,270. Cellectar Biosciences has a one year low of $2.20 and a one year high of $8.05. The stock has a market cap of $20.78 million, a price-to-earnings ratio of -0.39 and a beta of 0.51. The stock has a fifty day moving average price of $2.82 and a 200-day moving average price of $3.02.

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

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.