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

Cellectar Biosciences, Inc. (NASDAQ:CLRB) saw a large increase in short interest in the month of March. As of March 15th, there was short interest totalling 2,920,000 shares, an increase of 48.2% from the February 28th total of 1,970,000 shares. Based on an average daily trading volume, of 1,950,000 shares, the short-interest ratio is currently 1.5 days. Approximately 6.4% of the shares of the company are short sold.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the business. Squarepoint Ops LLC bought a new stake in shares of Cellectar Biosciences in the 4th quarter worth approximately $156,000. Geode Capital Management LLC lifted its stake in Cellectar Biosciences by 3.3% in the third quarter. Geode Capital Management LLC now owns 352,452 shares of the biopharmaceutical company’s stock worth $754,000 after purchasing an additional 11,266 shares during the last quarter. Bank of America Corp DE boosted its position in Cellectar Biosciences by 25.3% during the fourth quarter. Bank of America Corp DE now owns 206,783 shares of the biopharmaceutical company’s stock valued at $62,000 after buying an additional 41,704 shares during the period. Finally, JPMorgan Chase & Co. grew its stake in shares of Cellectar Biosciences by 687.3% during the fourth quarter. JPMorgan Chase & Co. now owns 182,403 shares of the biopharmaceutical company’s stock valued at $55,000 after buying an additional 159,234 shares during the last quarter. 16.41% of the stock is currently owned by institutional investors.

Cellectar Biosciences Trading Down 7.1 %

Shares of CLRB traded down $0.03 during midday trading on Friday, reaching $0.33. The stock had a trading volume of 759,114 shares, compared to its average volume of 1,154,170. The company has a market capitalization of $15.43 million, a price-to-earnings ratio of -0.19 and a beta of 0.96. Cellectar Biosciences has a 12-month low of $0.22 and a 12-month high of $4.15. The company’s 50-day moving average is $0.30 and its 200 day moving average is $1.04.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on the stock. Oppenheimer reissued a “market perform” rating on shares of Cellectar Biosciences in a report on Wednesday, December 11th. LADENBURG THALM/SH SH began coverage on Cellectar Biosciences in a report on Thursday, December 5th. They issued a “buy” rating and a $13.00 price target on the stock. Finally, StockNews.com assumed coverage on shares of Cellectar Biosciences in a research note on Wednesday. They issued a “sell” rating for the company.

About Cellectar Biosciences

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.