Cellectar Biosciences, Inc. (NASDAQ:CLRB) experienced a notable decrease in short interest as of January 30, 2024. The total short interest fell to 132,731 shares, marking a decline of 31.2% from 193,022 shares recorded on January 15. This shift translates to a short-interest ratio of 3.0 days, calculated based on an average trading volume of 43,655 shares. Currently, approximately 3.3% of the company’s shares are short sold.
Market Analysis and Analyst Ratings
In a related development, Weiss Ratings reaffirmed a “sell (e+)” rating for Cellectar Biosciences on January 21. Analysts have offered a mixed view on the stock; one analyst has assigned a Buy rating, another a Hold rating, and a third has given it a Sell rating. According to data from MarketBeat.com, the consensus among analysts is a “Hold” rating for the stock.
Cellectar Biosciences reported its quarterly earnings on November 13, 2023. The biopharmaceutical firm posted an earnings per share (EPS) of ($1.41), surpassing analyst expectations of ($1.91) by $0.50. Analysts forecast that the company will achieve an EPS of (-1.59) for the current year.
Investments and Institutional Holdings
A number of institutional investors have recently adjusted their stakes in Cellectar Biosciences. DRW Securities LLC increased its holdings by an impressive 114.2% during the fourth quarter, acquiring an additional 24,089 shares and bringing its total to 45,190 shares, valued at approximately $133,000.
Geode Capital Management LLC also expanded its investment, boosting its stake by 15.0% during the same period, leading to ownership of 28,636 shares worth around $84,000. Citadel Advisors LLC and Dimensional Fund Advisors LP have both acquired new positions in the company, valued at about $104,000 and $73,000, respectively. Additionally, Bank of America Corp DE increased its holdings by 25.3% in the fourth quarter, now owning 206,783 shares valued at approximately $62,000.
Institutional investors and hedge funds collectively hold 16.41% of Cellectar Biosciences’ stock, indicating a growing interest in the company from larger financial entities.
Cellectar Biosciences is a clinical-stage biopharmaceutical company focused on developing targeted cancer therapies and imaging agents. Its proprietary phospholipid drug conjugate (PDC) technology is designed to selectively deliver therapeutic and diagnostic treatments to malignant cells while minimizing damage to healthy tissue. The company’s lead candidate, CLR 131, is currently being evaluated in Phase II clinical trials for the treatment of relapsed or refractory B-cell malignancies, including multiple myeloma and non-Hodgkin lymphoma.
As investors and analysts monitor these developments closely, the future trajectory of Cellectar Biosciences remains a topic of considerable interest in the biopharmaceutical sector.
