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

Cellectar Biosciences, Inc. (NASDAQ:CLRB) was the recipient of 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 short-interest ratio is presently 1.1 days. Approximately 3.3% of the company’s shares are sold short.

Cellectar Biosciences Stock Down 4.2%

NASDAQ CLRB opened at $2.26 on Thursday. Cellectar Biosciences has a twelve month low of $2.25 and a twelve month high of $13.95. The firm has a market capitalization of $18.06 million, a PE ratio of -0.34 and a beta of 0.52. The stock’s 50 day moving average is $2.87 and its 200 day moving average is $3.11.

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

Analysts Set New Price Targets

Several equities analysts have recently issued reports on the company. LADENBURG THALM/SH SH assumed coverage on Cellectar Biosciences in a research note on Friday, May 15th. They set a “buy” rating on the stock. Maxim Group raised Cellectar Biosciences from a “hold” rating to a “buy” rating in a research note on Tuesday, March 10th. Weiss Ratings reissued a “sell (e+)” rating on shares of Cellectar Biosciences in a research note on Monday, April 20th. Finally, Roth Mkm reissued a “buy” rating and set a $11.00 target price on shares of Cellectar Biosciences in a research note on Tuesday, May 5th. Three investment analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, Cellectar Biosciences presently has an average rating of “Moderate Buy” and a consensus target price of $11.00.

Institutional Investors Weigh In On Cellectar Biosciences

Several hedge funds have recently made changes to their positions in CLRB. Bank of America Corp DE boosted its position in shares of 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 purchasing an additional 41,704 shares in the last quarter. Dimensional Fund Advisors LP bought a new stake in shares of Cellectar Biosciences during the third quarter valued at approximately $73,000. Citadel Advisors LLC bought a new stake in Cellectar Biosciences in the third quarter worth $104,000. Sequoia Financial Advisors LLC boosted its holdings in Cellectar Biosciences by 135.1% in the fourth quarter. Sequoia Financial Advisors LLC now owns 25,350 shares of the biopharmaceutical company’s stock worth $75,000 after acquiring an additional 14,567 shares in the last quarter. Finally, Geode Capital Management LLC boosted its holdings in Cellectar Biosciences by 15.0% in the fourth quarter. Geode Capital Management LLC now owns 28,636 shares of the biopharmaceutical company’s stock worth $84,000 after acquiring an additional 3,744 shares in the last quarter. 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.