Cellectar Biosciences, Inc. (NASDAQ:CLRB) Sees Large Decrease in Short Interest

Cellectar Biosciences, Inc. (NASDAQ:CLRB) was the target of a significant decline in short interest in May. As of May 29th, there was short interest totaling 258,202 shares, a decline of 66.8% from the May 14th total of 777,622 shares. Based on an average trading volume of 236,060 shares, the days-to-cover ratio is presently 1.1 days. Currently, 3.3% of the company’s stock are short sold.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the business. DRW Securities LLC lifted its holdings 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 valued at $133,000 after purchasing an additional 24,089 shares in the last quarter. Citadel Advisors LLC bought a new position in shares of Cellectar Biosciences during the third quarter valued at $104,000. Geode Capital Management LLC lifted its holdings 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 valued at $84,000 after purchasing an additional 3,744 shares in the last quarter. Dimensional Fund Advisors LP bought a new position in shares of Cellectar Biosciences during the third quarter valued at $73,000. Finally, Bank of America Corp DE increased its position in 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 valued at $62,000 after acquiring an additional 41,704 shares during the last quarter. 16.41% of the stock is owned by institutional investors.

Cellectar Biosciences Price Performance

Shares of NASDAQ:CLRB opened at $2.26 on Thursday. The company has a market cap of $18.06 million, a P/E ratio of -0.34 and a beta of 0.52. Cellectar Biosciences has a 1 year low of $2.25 and a 1 year high of $13.95. The stock’s fifty day moving average price is $2.87 and its 200-day moving average price is $3.11.

Cellectar Biosciences (NASDAQ:CLRB) last announced its quarterly earnings results on Thursday, May 14th. The biopharmaceutical company reported ($1.33) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($1.88) by $0.55. On average, sell-side analysts anticipate that Cellectar Biosciences will post -2.34 earnings per share for the current year.

Wall Street Analysts Forecast Growth

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