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

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

Cellectar Biosciences Stock Up 2.2%

Shares of Cellectar Biosciences stock opened at $2.52 on Friday. The business has a fifty day simple moving average of $2.82 and a 200-day simple moving average of $3.03. Cellectar Biosciences has a fifty-two week low of $2.20 and a fifty-two week high of $8.30. The firm has a market cap of $20.17 million, a price-to-earnings ratio of -0.38 and a beta of 0.52.

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 the consensus estimate of ($1.88) by $0.55. Analysts anticipate that Cellectar Biosciences will post -2.34 earnings per share for the current fiscal year.

Analyst Ratings Changes

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

Institutional Trading of Cellectar Biosciences

A number of hedge funds have recently bought and sold shares of CLRB. Geode Capital Management LLC boosted 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 worth $84,000 after purchasing an additional 3,744 shares during the period. XTX Topco Ltd purchased a new stake in shares of Cellectar Biosciences during the fourth quarter worth $36,000. Dimensional Fund Advisors LP acquired a new stake in Cellectar Biosciences during the third quarter valued at $73,000. Sequoia Financial Advisors LLC boosted its position 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 purchasing an additional 14,567 shares during the last quarter. Finally, Citadel Advisors LLC purchased a new position in Cellectar Biosciences in the third quarter valued at about $104,000. 16.41% of the stock is owned by hedge funds and other 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.