Short Interest in Cellectar Biosciences, Inc. (NASDAQ:CLRB) Expands By 9.2%

Cellectar Biosciences, Inc. (NASDAQ:CLRB) was the target of a large growth in short interest in June. As of June 15th, there was short interest totalling 2,370,000 shares, a growth of 9.2% from the May 31st total of 2,170,000 shares. Approximately 6.8% of the shares of the stock are sold short. Based on an average daily trading volume, of 684,700 shares, the days-to-cover ratio is presently 3.5 days.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on CLRB shares. StockNews.com raised Cellectar Biosciences to a “sell” rating in a research note on Thursday, March 28th. Oppenheimer reissued an “outperform” rating and set a $12.00 price target (up from $11.00) on shares of Cellectar Biosciences in a research note on Thursday, March 28th. Finally, Roth Mkm raised their price target on Cellectar Biosciences from $20.00 to $28.00 and gave the stock a “buy” rating in a research note on Thursday, March 28th.

Cellectar Biosciences Stock Up 2.0 %

Shares of NASDAQ CLRB opened at $2.55 on Tuesday. The business has a fifty day simple moving average of $3.06 and a two-hundred day simple moving average of $3.33. Cellectar Biosciences has a twelve month low of $1.56 and a twelve month high of $4.45.

Cellectar Biosciences (NASDAQ:CLRB) last announced its quarterly earnings results on Tuesday, May 14th. The biopharmaceutical company reported ($0.40) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.50) by $0.10. As a group, sell-side analysts expect that Cellectar Biosciences will post -1.51 EPS for the current year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. grew its stake in Cellectar Biosciences by 146.7% during the 1st quarter. Vanguard Group Inc. now owns 1,191,081 shares of the biopharmaceutical company’s stock worth $4,741,000 after buying an additional 708,191 shares during the last quarter. ADAR1 Capital Management LLC purchased a new position in Cellectar Biosciences during the 4th quarter worth $3,817,000. AIGH Capital Management LLC grew its stake in Cellectar Biosciences by 182.7% during the 4th quarter. AIGH Capital Management LLC now owns 1,915,220 shares of the biopharmaceutical company’s stock worth $5,305,000 after buying an additional 1,237,709 shares during the last quarter. Finally, Worth Venture Partners LLC grew its stake in Cellectar Biosciences by 148.6% during the 4th quarter. Worth Venture Partners LLC now owns 693,909 shares of the biopharmaceutical company’s stock worth $1,922,000 after buying an additional 414,786 shares during the last quarter. 16.41% of the stock is currently owned by hedge funds and other institutional investors.

Cellectar Biosciences Company Profile

Cellectar Biosciences, Inc, a clinical biopharmaceutical company, focuses on the discovery, development, and commercialization of drugs for the treatment of cancer. Its lead phospholipid drug conjugate (PDC) candidate is CLR 131 (iopofosine I-131), which is in Phase 2 clinical study for patients with B-cell malignancies; Phase 2a clinical study for patients with relapsed or refractory (r/r) Waldenstrom's macroglobulinemia cohort, r/r multiple myeloma (MM) cohort, and r/r non-Hodgkin's lymphoma cohort; Phase 1 clinical study for r/r pediatric patients with select solid tumors, lymphomas, and malignant brain tumors; and Phase 1 clinical study for r/r head and neck cancer.