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

Cellectar Biosciences, Inc. (NASDAQ:CLRB) saw a significant decline in short interest in October. As of October 15th, there was short interest totalling 1,960,000 shares, a decline of 10.9% from the September 30th total of 2,200,000 shares. Currently, 5.7% of the shares of the stock are sold short. Based on an average daily volume of 318,400 shares, the days-to-cover ratio is currently 6.2 days.

Institutional Investors Weigh In On Cellectar Biosciences

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Sequoia Financial Advisors LLC bought a new stake in Cellectar Biosciences in the third quarter valued at about $51,000. XTX Topco Ltd increased its holdings in Cellectar Biosciences by 432.4% in the second quarter. XTX Topco Ltd now owns 63,304 shares of the biopharmaceutical company’s stock valued at $158,000 after purchasing an additional 51,413 shares during the last quarter. Vanguard Group Inc. increased its holdings in Cellectar Biosciences by 146.7% in the first quarter. Vanguard Group Inc. now owns 1,191,081 shares of the biopharmaceutical company’s stock valued at $4,741,000 after purchasing an additional 708,191 shares during the last quarter. Rosalind Advisors Inc. increased its holdings in Cellectar Biosciences by 335.4% in the second quarter. Rosalind Advisors Inc. now owns 2,705,616 shares of the biopharmaceutical company’s stock valued at $6,764,000 after purchasing an additional 2,084,138 shares during the last quarter. Finally, AIGH Capital Management LLC increased its holdings in Cellectar Biosciences by 8.2% in the second quarter. AIGH Capital Management LLC now owns 3,036,187 shares of the biopharmaceutical company’s stock valued at $7,590,000 after purchasing an additional 231,270 shares during the last quarter. Institutional investors own 16.41% of the company’s stock.

Cellectar Biosciences Price Performance

Shares of CLRB remained flat at $2.05 during trading hours on Wednesday. The stock had a trading volume of 198,262 shares, compared to its average volume of 918,773. The firm has a fifty day simple moving average of $2.10 and a two-hundred day simple moving average of $2.53. The stock has a market capitalization of $73.49 million, a price-to-earnings ratio of -0.67 and a beta of 0.99. Cellectar Biosciences has a twelve month low of $1.82 and a twelve month high of $4.45.

Analysts Set New Price Targets

A number of equities analysts have commented on CLRB shares. Oppenheimer reissued an “outperform” rating and issued a $14.00 price objective on shares of Cellectar Biosciences in a research note on Friday, October 11th. StockNews.com raised Cellectar Biosciences to a “sell” rating in a research note on Thursday, September 26th.

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 head and neck cancer.