Cellectar Biosciences, Inc. (NASDAQ:CLRB) experienced a significant decline in short interest during January 2024. As of January 30, the total short interest dropped to 132,731 shares, representing a decrease of 31.2% from the previous total of 193,022 shares on January 15. With an average trading volume of 43,655 shares, the current short-interest ratio stands at approximately 3.0 days, indicating that around 3.3% of the company’s shares are currently short sold.
Analysts’ Ratings and Market Outlook
In a related report, Weiss Ratings reaffirmed a “sell (e+)” rating on Cellectar shares on January 21. The company’s stock has received mixed reviews from analysts, with one issuing a Buy rating, another a Hold rating, and a third a Sell rating. According to data from MarketBeat.com, the consensus rating for Cellectar Biosciences is currently “Hold,” suggesting a cautious outlook among analysts.
Cellectar Biosciences last reported its quarterly earnings on November 13, 2023. The biopharmaceutical firm announced an earnings per share (EPS) of ($1.41), exceeding analysts’ consensus estimates of ($1.91) by $0.50. Looking ahead, research analysts project that the company will post an EPS of approximately ($1.59) for the current year, reflecting ongoing challenges in the biopharmaceutical sector.
Investor Activity and Institutional Holdings
Recent activities by institutional investors indicate a shift in sentiment regarding Cellectar Biosciences. DRW Securities LLC increased its stake in the company by 114.2% during the fourth quarter, now holding 45,190 shares valued at $133,000 after acquiring an additional 24,089 shares. Geode Capital Management LLC also raised its position by 15.0%, owning 28,636 shares worth approximately $84,000 after purchasing an extra 3,744 shares.
Other notable investors include Citadel Advisors LLC, which acquired a new stake valued at about $104,000, and Dimensional Fund Advisors LP, which also initiated a new position worth around $73,000. Additionally, Bank of America Corp DE increased its holdings in Cellectar by 25.3% in the fourth quarter, now owning 206,783 shares valued at $62,000 after acquiring 41,704 additional shares. Overall, institutional investors and hedge funds control approximately 16.41% of the company’s stock.
Cellectar Biosciences specializes in the development of targeted cancer therapies and imaging agents. The company utilizes a proprietary phospholipid drug conjugate (PDC) technology platform that aims to selectively deliver therapeutic and diagnostic payloads to malignant cells while minimizing harm to healthy tissue. Its lead candidate, CLR 131, is currently undergoing Phase II clinical trials for relapsed or refractory B-cell malignancies, including multiple myeloma and non-Hodgkin lymphoma.
The fluctuation in short interest and recent investor activities highlight the dynamic nature of Cellectar’s market presence. As the company continues its clinical trials and navigates the complexities of the biopharmaceutical landscape, stakeholders will be closely monitoring its performance and potential for growth.
