Cellectar Biosciences, Inc. (NASDAQ:CLRB) Short Interest Up 34.6% in March

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

Wall Street Analysts Forecast Growth

CLRB has been the topic of a number of recent analyst reports. StockNews.com upgraded shares of Cellectar Biosciences to a “sell” rating in a research report on Thursday, March 28th. Oppenheimer reiterated 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. Finally, Roth Mkm raised their target price on shares of Cellectar Biosciences from $20.00 to $28.00 and gave the company a “buy” rating in a research report on Thursday, March 28th.

Cellectar Biosciences Trading Down 5.4 %

CLRB traded down $0.20 on Friday, reaching $3.51. The stock had a trading volume of 562,190 shares, compared to its average volume of 1,107,657. The company has a market capitalization of $113.23 million, a price-to-earnings ratio of -1.13 and a beta of 0.92. Cellectar Biosciences has a fifty-two week low of $1.33 and a fifty-two week high of $4.45. The firm has a 50-day moving average of $3.70 and a 200-day moving average of $3.08.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the company. Northern Trust Corp acquired a new position in Cellectar Biosciences in the 4th quarter valued at approximately $35,000. Coastal Bridge Advisors LLC bought a new position in shares of Cellectar Biosciences in the 4th quarter worth about $64,000. Citadel Advisors LLC acquired a new position in shares of Cellectar Biosciences in the 2nd quarter valued at about $60,000. Renaissance Technologies LLC grew its stake in Cellectar Biosciences by 164.2% during 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 during the period. Finally, Acuta Capital Partners LLC bought a new stake in Cellectar Biosciences in the third quarter worth approximately $320,000. Institutional investors and hedge funds own 16.41% of the company’s stock.

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 pediatric patients with head and neck cancer.