Short Interest in Cellectar Biosciences, Inc. (NASDAQ:CLRB) Grows By 3,288.2%

Cellectar Biosciences, Inc. (NASDAQ:CLRB) saw a significant increase in short interest during the month of May. As of May 15th, there was short interest totaling 777,622 shares, an increase of 3,288.2% from the April 30th total of 22,951 shares. Based on an average trading volume of 5,137,924 shares, the days-to-cover ratio is presently 0.2 days. Currently, 10.2% of the shares of the stock are sold short.

Wall Street Analyst Weigh In

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

Institutional Trading of Cellectar Biosciences

Hedge funds have recently made changes to their positions in the stock. Bank of America Corp DE increased its position in Cellectar Biosciences by 25.3% in the 4th quarter. Bank of America Corp DE now owns 206,783 shares of the biopharmaceutical company’s stock valued at $62,000 after acquiring an additional 41,704 shares during the period. DRW Securities LLC increased its position in Cellectar Biosciences by 114.2% in the 4th 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 during the period. Citadel Advisors LLC acquired a new stake in Cellectar Biosciences in the 3rd quarter valued at approximately $104,000. Sequoia Financial Advisors LLC increased its position in Cellectar Biosciences by 135.1% in the 4th 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 during the period. Finally, Dimensional Fund Advisors LP acquired a new stake in Cellectar Biosciences in the 3rd quarter valued at approximately $73,000. Institutional investors own 16.41% of the company’s stock.

Cellectar Biosciences Price Performance

CLRB traded down $0.07 on Friday, reaching $3.07. The company’s stock had a trading volume of 158,919 shares, compared to its average volume of 647,689. The stock has a market cap of $24.53 million, a price-to-earnings ratio of -0.46 and a beta of 0.43. Cellectar Biosciences has a 1 year low of $2.43 and a 1 year high of $20.60. The business’s 50 day moving average is $2.93 and its 200 day moving average is $3.14.

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

Cellectar Biosciences Company Profile

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.