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

Cellectar Biosciences, Inc. (NASDAQ:CLRB) was the target of a large increase in short interest during the month of June. As of June 30th, there was short interest totaling 194,336 shares, an increase of 238.8% from the June 15th total of 57,356 shares. Currently, 2.5% of the shares of the company are short sold. Based on an average daily volume of 156,963 shares, the short-interest ratio is presently 1.2 days.

Cellectar Biosciences Price Performance

NASDAQ CLRB traded up $0.07 during trading on Tuesday, hitting $2.70. 15,444 shares of the company’s stock traded hands, compared to its average volume of 529,662. The stock has a fifty day moving average of $2.81 and a two-hundred day moving average of $2.99. Cellectar Biosciences has a 12-month low of $2.20 and a 12-month high of $6.52. The firm has a market cap of $21.57 million, a P/E ratio of -0.41 and a beta of 0.55.

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

Analyst Upgrades and Downgrades

Several brokerages recently commented on CLRB. LADENBURG THALM/SH SH initiated coverage on Cellectar Biosciences in a report on Friday, May 15th. They issued a “buy” rating on the stock. Brookline Capital Markets raised 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 research report on Saturday, June 20th. Roth Capital reiterated a “buy” rating and set a $11.00 price target on shares of Cellectar Biosciences in a report on Tuesday, May 5th. Finally, Weiss Ratings restated a “sell (e+)” rating on shares of Cellectar Biosciences in a report on Monday, April 20th. One analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $11.00.

Institutional Investors Weigh In On Cellectar Biosciences

Large investors have recently bought and sold shares of the business. Bank of America Corp DE raised its stake in Cellectar Biosciences by 25.3% during the 4th quarter. Bank of America Corp DE now owns 206,783 shares of the biopharmaceutical company’s stock valued at $62,000 after buying an additional 41,704 shares during the last quarter. Dimensional Fund Advisors LP bought a new stake in Cellectar Biosciences during the third quarter valued at about $73,000. Citadel Advisors LLC bought a new stake in Cellectar Biosciences during the 3rd quarter worth approximately $104,000. Sequoia Financial Advisors LLC raised its holdings in Cellectar Biosciences by 135.1% during the fourth quarter. Sequoia Financial Advisors LLC now owns 25,350 shares of the biopharmaceutical company’s stock valued at $75,000 after acquiring an additional 14,567 shares during the period. Finally, Geode Capital Management LLC raised its stake 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 valued at $84,000 after purchasing an additional 3,744 shares during the period. 16.41% of the stock is currently owned by institutional investors.

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.