Short Interest in Cellectar Biosciences, Inc. (NASDAQ:CLRB) Increases By 48.2%

Cellectar Biosciences, Inc. (NASDAQ:CLRB) was the target of a large increase in short interest in 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 sold short.

Cellectar Biosciences Stock Down 3.5 %

Shares of NASDAQ CLRB traded down $0.01 during trading on Monday, hitting $0.32. 598,125 shares of the company traded hands, compared to its average volume of 1,151,961. The firm has a market capitalization of $14.88 million, a P/E ratio of -0.19 and a beta of 0.96. The company has a 50-day moving average price of $0.30 and a 200-day moving average price of $1.03. Cellectar Biosciences has a 1 year low of $0.22 and a 1 year high of $4.15.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on CLRB shares. StockNews.com assumed coverage on Cellectar Biosciences in a report on Wednesday, March 26th. They issued a “sell” rating for the company. Oppenheimer reissued a “market perform” rating on shares of Cellectar Biosciences in a research report on Wednesday, December 11th. Finally, LADENBURG THALM/SH SH assumed coverage on shares of Cellectar Biosciences in a research note on Thursday, December 5th. They set a “buy” rating and a $13.00 price objective on the stock.

Institutional Trading of Cellectar Biosciences

Institutional investors have recently modified their holdings of the company. Geode Capital Management LLC raised its position 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 valued at $754,000 after purchasing an additional 11,266 shares during the period. JPMorgan Chase & Co. increased its holdings in Cellectar Biosciences by 687.3% in 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. Bank of America Corp DE raised its position in shares of Cellectar Biosciences by 25.3% during the 4th quarter. Bank of America Corp DE now owns 206,783 shares of the biopharmaceutical company’s stock valued at $62,000 after acquiring an additional 41,704 shares in the last quarter. Finally, Squarepoint Ops LLC acquired a new position in shares of Cellectar Biosciences in the 4th quarter valued at about $156,000. Hedge funds and other institutional investors 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 head and neck cancer.