Cellectar Biosciences, Inc. (NASDAQ: CLRB) reported a significant decrease in short interest, dropping by 31.2% as of January 30, 2023. The total short interest is now at 132,731 shares, down from 193,022 shares recorded on January 15, 2023. This decline indicates a shift in investor sentiment, with approximately 3.3% of the company’s shares currently short sold. Given an average trading volume of 43,655 shares, the short-interest ratio stands at 3.0 days.
Analysts Provide Mixed Ratings
In a related report, Weiss Ratings maintained a “sell (e+)” rating for Cellectar Biosciences. Despite this cautious outlook, the stock has garnered varied assessments from analysts. One equities research analyst has rated the stock as a Buy, while another has issued a Hold rating, and a third has given it a Sell rating. According to data from MarketBeat.com, the overall consensus rating for Cellectar Biosciences remains at “Hold.”
Cellectar Biosciences last announced its quarterly earnings on November 13, 2023, reporting earnings per share (EPS) of ($1.41). This figure exceeded analysts’ expectations, which had predicted an EPS of ($1.91) by $0.50. Analysts forecast an average EPS of -$1.59 for the current year, indicating ongoing challenges for the biopharmaceutical firm.
Institutional Investors Increase Holdings
Recent activity from large investors suggests a growing interest in Cellectar Biosciences. DRW Securities LLC increased its stake by 114.2% during the fourth quarter, now holding 45,190 shares valued at approximately $133,000 after acquiring an additional 24,089 shares. Geode Capital Management LLC also boosted its position by 15.0%, bringing its total to 28,636 shares worth $84,000.
Additionally, Citadel Advisors LLC and Dimensional Fund Advisors LP have newly acquired stakes in Cellectar Biosciences, valued at around $104,000 and $73,000, respectively. Bank of America Corp DE increased its holdings by 25.3%, now owning 206,783 shares after purchasing 41,704 shares during the last quarter. Overall, institutional investors and hedge funds control 16.41% of the company’s stock.
Cellectar Biosciences, Inc. is a clinical-stage biopharmaceutical company focused on developing targeted cancer therapies and imaging agents. The company utilizes its proprietary phospholipid drug conjugate (PDC) technology platform to deliver therapeutic and diagnostic payloads directly to malignant cells while minimizing damage to healthy tissue. Its lead candidate, CLR 131, is undergoing Phase II clinical trials for relapsed or refractory B-cell malignancies, including multiple myeloma and non-Hodgkin lymphoma.
As the market evolves, Cellectar Biosciences continues to navigate investor sentiment and analyst evaluations while pursuing its ambitious objectives in cancer treatment.
