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

Cellectar Biosciences, Inc. (NASDAQ:CLRB) was the recipient of a significant increase in short interest in 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. Approximately 10.2% of the company’s shares are sold short. Based on an average daily trading volume, of 5,137,924 shares, the short-interest ratio is currently 0.2 days.

Wall Street Analyst Weigh In

CLRB has been the topic of several analyst reports. Maxim Group upgraded Cellectar Biosciences from a “hold” rating to a “buy” rating in a report on Tuesday, March 10th. LADENBURG THALM/SH SH initiated coverage on Cellectar Biosciences in a report on Friday, May 15th. They issued a “buy” rating on the stock. Roth Mkm reiterated a “buy” rating and issued a $11.00 price objective on shares of Cellectar Biosciences in a report on Tuesday, May 5th. Finally, Weiss Ratings reiterated a “sell (e+)” rating on shares of Cellectar Biosciences in a report on Monday, April 20th. Three research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, Cellectar Biosciences has a consensus rating of “Moderate Buy” and an average target price of $11.00.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of CLRB. XTX Topco Ltd purchased a new position in Cellectar Biosciences during the 4th quarter valued at about $36,000. Sequoia Financial Advisors LLC purchased a new position in Cellectar Biosciences during the 3rd quarter valued at about $60,000. Bank of America Corp DE increased its holdings in Cellectar Biosciences by 25.3% during the 4th quarter. Bank of America Corp DE now owns 206,783 shares of the biopharmaceutical company’s stock valued at $62,000 after purchasing an additional 41,704 shares during the period. Dimensional Fund Advisors LP purchased a new position in Cellectar Biosciences during the 3rd quarter valued at about $73,000. Finally, Geode Capital Management LLC increased its holdings 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 purchasing an additional 3,744 shares during the period. Hedge funds and other institutional investors own 16.41% of the company’s stock.

Cellectar Biosciences Stock Up 1.3%

Shares of CLRB traded up $0.04 during trading hours on Wednesday, hitting $3.14. The company had a trading volume of 144,450 shares, compared to its average volume of 3,047,452. The stock’s 50 day moving average price is $2.94 and its 200 day moving average price is $3.14. Cellectar Biosciences has a 52-week low of $2.43 and a 52-week high of $20.60.

Cellectar Biosciences (NASDAQ:CLRB) last released its quarterly earnings data on Thursday, May 14th. The biopharmaceutical company reported ($1.33) EPS for the quarter, topping the consensus estimate of ($1.88) by $0.55. On average, equities analysts expect that Cellectar Biosciences will post -2.34 EPS for the current 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.