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

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

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in CLRB. Rosalind Advisors Inc. increased its position in shares of Cellectar Biosciences by 335.4% during the 2nd quarter. Rosalind Advisors Inc. now owns 2,705,616 shares of the biopharmaceutical company’s stock valued at $6,764,000 after purchasing an additional 2,084,138 shares during the period. Vanguard Group Inc. boosted its stake in Cellectar Biosciences by 146.7% during the first quarter. Vanguard Group Inc. now owns 1,191,081 shares of the biopharmaceutical company’s stock valued at $4,741,000 after buying an additional 708,191 shares in the last quarter. AIGH Capital Management LLC grew its holdings in Cellectar Biosciences by 8.2% during the second quarter. AIGH Capital Management LLC now owns 3,036,187 shares of the biopharmaceutical company’s stock worth $7,590,000 after acquiring an additional 231,270 shares during the period. XTX Topco Ltd lifted its holdings in Cellectar Biosciences by 432.4% in the 2nd 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 during the last quarter. Finally, Sequoia Financial Advisors LLC bought a new position in shares of Cellectar Biosciences during the 3rd quarter valued at about $51,000. Institutional investors and hedge funds own 16.41% of the company’s stock.

Cellectar Biosciences Stock Performance

NASDAQ:CLRB opened at $1.61 on Wednesday. The stock has a market cap of $65.32 million, a price-to-earnings ratio of -0.63 and a beta of 1.00. Cellectar Biosciences has a 1 year low of $1.57 and a 1 year high of $4.45. The business has a fifty day moving average of $2.07 and a 200-day moving average of $2.42.

Cellectar Biosciences (NASDAQ:CLRB) last announced its earnings results on Tuesday, October 29th. The biopharmaceutical company reported ($0.51) earnings per share (EPS) for the quarter. On average, equities research analysts predict that Cellectar Biosciences will post -1.57 EPS for the current year.

Analyst Ratings Changes

A number of brokerages recently commented on CLRB. Oppenheimer lowered their price objective on Cellectar Biosciences from $14.00 to $12.00 and set an “outperform” rating for the company in a research note on Tuesday. StockNews.com upgraded shares of Cellectar Biosciences to a “sell” rating in a research note on Thursday, September 26th.

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.