Cellectar Biosciences, Inc. (NASDAQ:CLRB) Short Interest Up 238.8% in June

Cellectar Biosciences, Inc. (NASDAQ:CLRB) was the target of a large growth in short interest during the month of June. As of June 30th, there was short interest totaling 194,336 shares, a growth of 238.8% from the June 15th total of 57,356 shares. Currently, 2.5% of the shares of the stock are short sold. Based on an average daily trading volume, of 156,963 shares, the days-to-cover ratio is currently 1.2 days.

Institutional Investors Weigh In On Cellectar Biosciences

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Bank of America Corp DE raised 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 during the period. Dimensional Fund Advisors LP purchased a new position in shares of Cellectar Biosciences in the 3rd quarter valued at $73,000. Citadel Advisors LLC acquired a new position in shares of Cellectar Biosciences during the 3rd quarter valued at $104,000. Sequoia Financial Advisors LLC boosted 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 purchasing an additional 14,567 shares during the period. Finally, Geode Capital Management LLC raised its position 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 valued at $84,000 after purchasing an additional 3,744 shares during the period. 16.41% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities research analysts recently commented on the stock. LADENBURG THALM/SH SH initiated coverage on shares of Cellectar Biosciences in a research report on Friday, May 15th. They issued a “buy” rating on the stock. Weiss Ratings restated a “sell (e+)” rating on shares of Cellectar Biosciences in a report on Monday, April 20th. Roth Capital restated a “buy” rating and issued a $11.00 target price on shares of Cellectar Biosciences in a report on Tuesday, May 5th. Finally, Wall Street Zen upgraded shares of Cellectar Biosciences to a “hold” rating in a report on Saturday, June 20th. Three analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $11.00.

Cellectar Biosciences Stock Performance

Shares of CLRB stock opened at $2.82 on Monday. The firm has a market capitalization of $22.53 million, a price-to-earnings ratio of -0.42 and a beta of 0.55. Cellectar Biosciences has a one year low of $2.20 and a one year high of $6.52. The company has a 50 day moving average price of $2.81 and a 200 day moving average price of $2.99.

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