Cellectar Biosciences, Inc. (NASDAQ:CLRB) Sees Large Decrease in Short Interest

Cellectar Biosciences, Inc. (NASDAQ:CLRB) saw a significant drop in short interest in the month of October. As of October 31st, there was short interest totalling 1,840,000 shares, a drop of 6.1% from the October 15th total of 1,960,000 shares. Approximately 4.7% of the company’s shares are sold short. Based on an average daily trading volume, of 245,400 shares, the days-to-cover ratio is presently 7.5 days.

Hedge Funds Weigh In On Cellectar Biosciences

Institutional investors and hedge funds have recently made changes to their positions in the stock. Geode Capital Management LLC grew its holdings in Cellectar Biosciences by 3.3% during the 3rd quarter. Geode Capital Management LLC now owns 352,452 shares of the biopharmaceutical company’s stock worth $754,000 after acquiring an additional 11,266 shares in the last quarter. Oppenheimer & Co. Inc. purchased a new position in shares of Cellectar Biosciences in the 3rd quarter valued at $27,000. Rosalind Advisors Inc. raised its stake in Cellectar Biosciences by 35.7% during the 3rd quarter. Rosalind Advisors Inc. now owns 3,671,550 shares of the biopharmaceutical company’s stock worth $7,857,000 after acquiring an additional 965,934 shares in the last quarter. Sequoia Financial Advisors LLC purchased a new stake in Cellectar Biosciences in the third quarter valued at $51,000. Finally, XTX Topco Ltd boosted its stake in Cellectar Biosciences by 432.4% in the second quarter. XTX Topco Ltd now owns 63,304 shares of the biopharmaceutical company’s stock valued at $158,000 after acquiring an additional 51,413 shares in the last quarter. 16.41% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on CLRB. Oppenheimer restated an “outperform” rating and issued a $14.00 price objective on shares of Cellectar Biosciences in a report on Friday, October 11th. StockNews.com upgraded Cellectar Biosciences to a “sell” rating in a research note on Thursday, September 26th.

Cellectar Biosciences Stock Down 4.8 %

Shares of CLRB opened at $1.77 on Tuesday. Cellectar Biosciences has a fifty-two week low of $1.66 and a fifty-two week high of $4.45. The company has a market cap of $71.81 million, a P/E ratio of -0.70 and a beta of 1.00. The firm’s 50 day moving average price is $2.07 and its 200 day moving average price is $2.43.

Cellectar Biosciences (NASDAQ:CLRB) last announced its quarterly earnings data on Tuesday, October 29th. The biopharmaceutical company reported ($0.51) earnings per share (EPS) for the quarter. Research analysts forecast that Cellectar Biosciences will post -1.57 earnings per share for the current year.

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.