Cellectar Biosciences, Inc. (NASDAQ:CLRB) Short Interest Down 77.8% in June

Cellectar Biosciences, Inc. (NASDAQ:CLRB) saw a significant drop in short interest in 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. Approximately 0.7% of the company’s shares are short sold. Based on an average trading volume of 153,060 shares, the short-interest ratio is currently 0.4 days.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on CLRB shares. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Cellectar Biosciences in a research note on Monday, April 20th. Roth Mkm restated a “buy” rating and set a $11.00 price target on shares of Cellectar Biosciences in a report on Tuesday, May 5th. Maxim Group upgraded Cellectar Biosciences from a “hold” rating to a “buy” rating in a research report on Tuesday, March 10th. Wall Street Zen raised shares of Cellectar Biosciences to a “hold” rating in a research note on Saturday, June 20th. Finally, LADENBURG THALM/SH SH assumed coverage on shares of Cellectar Biosciences in a research note on Friday, May 15th. They set a “buy” rating for the company. 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 stock currently has an average rating of “Moderate Buy” and a consensus price target of $11.00.

Cellectar Biosciences Price Performance

Shares of NASDAQ:CLRB traded up $0.06 during trading hours on Friday, hitting $2.52. 11,269 shares of the company’s stock traded hands, compared to its average volume of 147,777. The firm has a market capitalization of $20.17 million, a P/E ratio of -0.38 and a beta of 0.52. The business has a fifty day moving average price of $2.82 and a 200-day moving average price of $3.03. Cellectar Biosciences has a 1 year low of $2.20 and a 1 year high of $8.30.

Cellectar Biosciences (NASDAQ:CLRB) last issued its quarterly earnings results on Thursday, May 14th. The biopharmaceutical company reported ($1.33) earnings per share for the quarter, topping the consensus estimate of ($1.88) by $0.55. As a group, equities analysts predict that Cellectar Biosciences will post -2.34 earnings per share for the current year.

Hedge Funds Weigh In On Cellectar Biosciences

A number of hedge funds and other institutional investors have recently made changes to their positions in CLRB. XTX Topco Ltd bought a new position in Cellectar Biosciences during the 4th quarter worth about $36,000. Bank of America Corp DE increased its holdings 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 acquiring an additional 41,704 shares in the last quarter. Dimensional Fund Advisors LP purchased a new position in shares of Cellectar Biosciences in the third quarter worth $73,000. Sequoia Financial Advisors LLC lifted its position in Cellectar Biosciences by 135.1% during 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, Geode Capital Management LLC lifted its stake in Cellectar Biosciences by 15.0% during the 4th quarter. Geode Capital Management LLC now owns 28,636 shares of the biopharmaceutical company’s stock valued at $84,000 after acquiring an additional 3,744 shares during the period. 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.