Cellectar Biosciences, Inc. (NASDAQ:CLRB) Sees Significant Increase in Short Interest

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

Cellectar Biosciences Trading Up 1.3%

CLRB stock traded up $0.04 during mid-day trading on Wednesday, hitting $3.14. 144,450 shares of the stock were exchanged, compared to its average volume of 3,047,452. The business has a fifty day moving average price of $2.94 and a 200 day moving average price of $3.14. Cellectar Biosciences has a 12 month low of $2.43 and a 12 month high of $20.60.

Cellectar Biosciences (NASDAQ:CLRB) last issued its quarterly earnings results 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. Equities analysts anticipate that Cellectar Biosciences will post -2.34 EPS for the current fiscal year.

Analysts Set New Price Targets

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

Institutional Investors Weigh In On Cellectar Biosciences

Several hedge funds have recently added to or reduced their stakes in CLRB. Bank of America Corp DE lifted its stake in 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 worth $62,000 after purchasing an additional 41,704 shares during the last quarter. DRW Securities LLC lifted its stake in Cellectar Biosciences by 114.2% during the fourth quarter. DRW Securities LLC now owns 45,190 shares of the biopharmaceutical company’s stock worth $133,000 after purchasing an additional 24,089 shares during the last quarter. Citadel Advisors LLC bought a new stake in Cellectar Biosciences during the third quarter worth about $104,000. Sequoia Financial Advisors LLC lifted its stake in Cellectar Biosciences by 135.1% during the fourth 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 last quarter. Finally, Dimensional Fund Advisors LP bought a new stake in Cellectar Biosciences during the third quarter worth about $73,000. 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.