Short Interest in Cellectar Biosciences, Inc. (NASDAQ:CLRB) Expands By 238.8%

Cellectar Biosciences, Inc. (NASDAQ:CLRB) was the target of a significant 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. Approximately 2.5% of the shares of the company are sold short. Based on an average trading volume of 156,963 shares, the short-interest ratio is presently 1.2 days.

Analyst Upgrades and Downgrades

CLRB has been the subject of a number of recent research reports. Wall Street Zen upgraded shares of Cellectar Biosciences to a “hold” rating in a research note on Saturday, June 20th. LADENBURG THALM/SH SH initiated coverage on Cellectar Biosciences in a research report on Friday, May 15th. They issued a “buy” rating on the stock. Roth Capital reaffirmed a “buy” rating and set a $11.00 price objective on shares of Cellectar Biosciences in a research report on Tuesday, May 5th. Finally, Weiss Ratings reiterated a “sell (e+)” rating on shares of Cellectar Biosciences in a research note on Monday, April 20th. Three investment analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $11.00.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in CLRB. Bank of America Corp DE increased its holdings in 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 valued at $62,000 after buying an additional 41,704 shares in the last quarter. DRW Securities LLC boosted its stake in shares of Cellectar Biosciences by 114.2% during the 4th quarter. DRW Securities LLC now owns 45,190 shares of the biopharmaceutical company’s stock worth $133,000 after acquiring an additional 24,089 shares in the last quarter. Citadel Advisors LLC purchased a new stake in shares of Cellectar Biosciences during the 3rd quarter worth approximately $104,000. Sequoia Financial Advisors LLC grew its holdings in shares of Cellectar Biosciences by 135.1% in the 4th 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 during the period. Finally, Dimensional Fund Advisors LP acquired a new stake in shares of Cellectar Biosciences in the 3rd quarter worth approximately $73,000. 16.41% of the stock is currently owned by institutional investors and hedge funds.

Cellectar Biosciences Stock Performance

Shares of CLRB opened at $2.82 on Monday. The stock’s 50 day moving average is $2.81 and its two-hundred day moving average is $2.99. Cellectar Biosciences has a twelve month low of $2.20 and a twelve month high of $6.52. The firm has a market capitalization of $22.53 million, a PE ratio of -0.42 and a beta of 0.55.

Cellectar Biosciences (NASDAQ:CLRB) last released its quarterly earnings data 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. On average, sell-side analysts predict that Cellectar Biosciences will post -2.34 EPS for the current 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.