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

Cellectar Biosciences, Inc. (NASDAQ:CLRB) saw a significant drop in short interest in the month of February. As of February 27th, there was short interest totaling 89,881 shares, a drop of 23.1% from the February 12th total of 116,956 shares. Based on an average trading volume of 20,484 shares, the days-to-cover ratio is currently 4.4 days. Currently, 2.2% of the company’s shares are sold short. Currently, 2.2% of the company’s shares are sold short. Based on an average trading volume of 20,484 shares, the days-to-cover ratio is currently 4.4 days.

Cellectar Biosciences Stock Performance

Shares of NASDAQ CLRB traded down $0.03 during mid-day trading on Friday, hitting $3.20. 47,711 shares of the stock traded hands, compared to its average volume of 45,570. The company has a market cap of $13.57 million, a price-to-earnings ratio of -0.34 and a beta of 0.31. The stock has a fifty day moving average price of $3.28 and a 200-day moving average price of $3.79. Cellectar Biosciences has a 52 week low of $2.45 and a 52 week high of $20.60.

Cellectar Biosciences (NASDAQ:CLRB) last posted its quarterly earnings data on Wednesday, March 4th. The biopharmaceutical company reported ($0.53) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($1.19) by $0.66. As a group, sell-side analysts predict that Cellectar Biosciences will post -1.59 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of research analysts have issued reports on the stock. Maxim Group raised shares of Cellectar Biosciences from a “hold” rating to a “buy” rating in a research report on Tuesday, March 10th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Cellectar Biosciences in a research note on Wednesday, January 21st. Two equities research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Hold”.

Institutional Investors Weigh In On Cellectar Biosciences

Several hedge funds have recently bought and sold shares of CLRB. Sequoia Financial Advisors LLC purchased a new stake in Cellectar Biosciences in the third quarter worth about $60,000. XTX Topco Ltd bought a new stake in shares of Cellectar Biosciences in the 4th quarter worth approximately $36,000. Citadel Advisors LLC purchased a new stake in shares of Cellectar Biosciences in the 3rd quarter worth approximately $104,000. Riverview Capital Advisers LLC bought a new position in Cellectar Biosciences during the 2nd quarter valued at approximately $75,000. Finally, DRW Securities LLC raised 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 buying an additional 24,089 shares during the last quarter. Institutional investors own 16.41% of the company’s stock.

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.