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

Cellectar Biosciences, Inc. (NASDAQ:CLRB) was the target of a large decrease in short interest in the month of October. As of October 15th, there was short interest totalling 1,960,000 shares, a decrease of 10.9% from the September 30th total of 2,200,000 shares. Approximately 5.7% of the shares of the company are short sold. Based on an average daily trading volume, of 318,400 shares, the short-interest ratio is presently 6.2 days.

Cellectar Biosciences Stock Performance

Cellectar Biosciences stock remained flat at $2.05 during mid-day trading on Wednesday. 198,262 shares of the company’s stock were exchanged, compared to its average volume of 918,773. Cellectar Biosciences has a 12-month low of $1.82 and a 12-month high of $4.45. The stock’s 50 day simple moving average is $2.10 and its 200 day simple moving average is $2.53. The stock has a market cap of $73.49 million, a price-to-earnings ratio of -0.67 and a beta of 0.99.

Institutional Trading of Cellectar Biosciences

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

Analysts Set New Price Targets

A number of analysts have weighed in on the stock. Oppenheimer reissued an “outperform” rating and issued a $14.00 price target on shares of Cellectar Biosciences in a report on Friday, October 11th. StockNews.com raised shares of Cellectar Biosciences to a “sell” rating in a report 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.