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

Cellectar Biosciences, Inc. (NASDAQ:CLRB) saw a significant decline in short interest in the month of 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 daily trading volume, of 236,060 shares, the days-to-cover ratio is currently 1.1 days. Currently, 3.3% of the company’s shares are short sold.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Bank of America Corp DE increased its stake in shares of 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 worth $62,000 after purchasing an additional 41,704 shares in the last quarter. DRW Securities LLC grew its stake in 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 acquiring an additional 24,089 shares in the last quarter. Citadel Advisors LLC purchased a new position in Cellectar Biosciences during the third quarter valued at $104,000. Sequoia Financial Advisors LLC grew its stake 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 in the last quarter. Finally, Dimensional Fund Advisors LP purchased a new position in Cellectar Biosciences during the third quarter valued at $73,000. Institutional investors own 16.41% of the company’s stock.

Analyst Ratings Changes

Several brokerages recently issued reports on CLRB. Maxim Group upgraded shares of Cellectar Biosciences from a “hold” rating to a “buy” rating in a research report on Tuesday, March 10th. LADENBURG THALM/SH SH began coverage on shares of Cellectar Biosciences in a research report on Friday, May 15th. They set a “buy” rating on the stock. Weiss Ratings reiterated a “sell (e+)” rating on shares of Cellectar Biosciences in a research report on Monday, April 20th. Finally, Roth Mkm reiterated a “buy” rating and set a $11.00 price target on shares of Cellectar Biosciences in a research 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’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $11.00.

Cellectar Biosciences Trading Down 0.9%

CLRB traded down $0.02 during midday trading on Friday, reaching $2.23. The company’s stock had a trading volume of 66,121 shares, compared to its average volume of 192,184. The firm has a market capitalization of $17.82 million, a price-to-earnings ratio of -0.33 and a beta of 0.52. Cellectar Biosciences has a 1 year low of $2.20 and a 1 year high of $13.47. The stock’s 50-day moving average is $2.86 and its 200-day moving average is $3.10.

Cellectar Biosciences (NASDAQ:CLRB) last announced its quarterly earnings data on Thursday, May 14th. The biopharmaceutical company reported ($1.33) earnings per share for the quarter, topping analysts’ consensus estimates of ($1.88) by $0.55. As a group, equities research analysts forecast that Cellectar Biosciences will post -2.34 earnings per share for the current fiscal 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.