Cellectar Biosciences, Inc. (NASDAQ:CLRB) Short Interest Up 33.4% in March

Cellectar Biosciences, Inc. (NASDAQ:CLRB) was the recipient of a large growth in short interest in the month of March. As of March 31st, there was short interest totaling 61,202 shares, a growth of 33.4% from the March 15th total of 45,874 shares. Based on an average daily volume of 40,240 shares, the short-interest ratio is currently 1.5 days. Approximately 1.5% of the company’s shares are short sold.

Analysts Set New Price Targets

Several research analysts recently weighed in on CLRB shares. Weiss Ratings reissued a “sell (e+)” rating on shares of Cellectar Biosciences in a research report on Wednesday, January 21st. Maxim Group upgraded Cellectar Biosciences from a “hold” rating to a “buy” rating in a report on Tuesday, March 10th. Two analysts have rated the stock with a Buy rating and one has issued a Sell rating to the stock. According to MarketBeat.com, Cellectar Biosciences has a consensus rating of “Hold”.

Cellectar Biosciences Stock Performance

Shares of NASDAQ CLRB traded up $0.07 during mid-day trading on Friday, reaching $3.08. 19,304 shares of the company traded hands, compared to its average volume of 31,584. The company’s fifty day moving average is $3.02 and its two-hundred day moving average is $3.42. Cellectar Biosciences has a fifty-two week low of $2.43 and a fifty-two week high of $20.60. The stock has a market cap of $13.05 million, a PE ratio of -0.32 and a beta of 0.41.

Cellectar Biosciences (NASDAQ:CLRB) last posted its earnings results on Wednesday, March 4th. The biopharmaceutical company reported ($0.53) earnings per share for the quarter, topping the consensus estimate of ($1.19) by $0.66. Research analysts forecast that Cellectar Biosciences will post -1.59 earnings per share for the current year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the company. Bank of America Corp DE grew its position in shares of Cellectar Biosciences by 25.3% in the fourth quarter. Bank of America Corp DE now owns 206,783 shares of the biopharmaceutical company’s stock valued at $62,000 after purchasing an additional 41,704 shares during the last quarter. Sequoia Financial Advisors LLC bought a new stake in Cellectar Biosciences during the 3rd quarter valued at approximately $60,000. Dimensional Fund Advisors LP acquired a new stake in Cellectar Biosciences in the 3rd quarter valued at approximately $73,000. Citadel Advisors LLC acquired a new stake in Cellectar Biosciences in the 3rd quarter valued at approximately $104,000. Finally, Geode Capital Management LLC increased its position in Cellectar Biosciences by 15.0% in the 4th quarter. Geode Capital Management LLC now owns 28,636 shares of the biopharmaceutical company’s stock worth $84,000 after buying an additional 3,744 shares during the period. Institutional investors and hedge funds own 16.41% of the company’s stock.

Cellectar Biosciences Company Profile

Cellectar Biosciences, Inc is a clinical‐stage biopharmaceutical company focused on the development of targeted cancer therapies and imaging agents. The company’s proprietary phospholipid drug conjugate (PDC) technology platform is designed to selectively deliver therapeutic and diagnostic payloads to malignant cells while sparing healthy tissue. Through its PDC approach, Cellectar aims to improve the efficacy and safety profile of traditional treatments like chemotherapy and radiotherapy.

Its lead therapeutic candidate, CLR 131, is a radioisotope‐labeled PDC being evaluated in Phase II clinical trials for relapsed or refractory B‐cell malignancies, including multiple myeloma and non‐Hodgkin lymphoma.