Cellectar Biosciences, Inc. (NASDAQ:CLRB) Short Interest Update

Cellectar Biosciences, Inc. (NASDAQ:CLRB) was the recipient of a significant growth in short interest during the month of March. As of March 31st, there was short interest totalling 2,530,000 shares, a growth of 34.6% from the March 15th total of 1,880,000 shares. Approximately 8.7% of the company’s shares are short sold. Based on an average daily volume of 1,790,000 shares, the days-to-cover ratio is currently 1.4 days.

Institutional Investors Weigh In On Cellectar Biosciences

Hedge funds have recently added to or reduced their stakes in the business. Northern Trust Corp bought a new stake in Cellectar Biosciences in the fourth quarter worth approximately $35,000. Coastal Bridge Advisors LLC bought a new stake in Cellectar Biosciences in the fourth quarter worth approximately $64,000. Citadel Advisors LLC bought a new stake in Cellectar Biosciences in the second quarter worth approximately $60,000. Renaissance Technologies LLC increased its holdings in Cellectar Biosciences by 164.2% in the fourth quarter. Renaissance Technologies LLC now owns 46,736 shares of the biopharmaceutical company’s stock worth $80,000 after purchasing an additional 29,046 shares in the last quarter. Finally, Acuta Capital Partners LLC bought a new stake in Cellectar Biosciences in the third quarter worth approximately $320,000. 16.41% of the stock is currently owned by institutional investors.

Cellectar Biosciences Stock Performance

Shares of CLRB traded down $0.20 during mid-day trading on Friday, reaching $3.51. 562,190 shares of the company were exchanged, compared to its average volume of 1,107,657. The stock has a market capitalization of $113.23 million, a PE ratio of -1.13 and a beta of 0.92. The business has a 50 day simple moving average of $3.70 and a two-hundred day simple moving average of $3.08. Cellectar Biosciences has a 52 week low of $1.33 and a 52 week high of $4.45.

Wall Street Analysts Forecast Growth

CLRB has been the subject of a number of analyst reports. Oppenheimer restated an “outperform” rating and set a $12.00 price objective (up from $11.00) on shares of Cellectar Biosciences in a research report on Thursday, March 28th. Roth Mkm raised their price objective on Cellectar Biosciences from $20.00 to $28.00 and gave the stock a “buy” rating in a research report on Thursday, March 28th. Finally, StockNews.com upgraded Cellectar Biosciences to a “sell” rating in a research report on Thursday, March 28th.

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 pediatric patients with head and neck cancer.