Short Interest in Cellectar Biosciences, Inc. (NASDAQ:CLRB) Expands By 114.6%

Cellectar Biosciences, Inc. (NASDAQ:CLRB) was the target of a large growth in short interest in the month of December. As of December 15th, there was short interest totalling 2,790,000 shares, a growth of 114.6% from the November 30th total of 1,300,000 shares. Approximately 7.0% of the shares of the stock are sold short. Based on an average daily volume of 1,560,000 shares, the days-to-cover ratio is presently 1.8 days.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on CLRB. StockNews.com initiated coverage on shares of Cellectar Biosciences in a research report on Saturday. They set a “sell” rating on the stock. LADENBURG THALM/SH SH began coverage on shares of Cellectar Biosciences in a report on Thursday, December 5th. They issued a “buy” rating and a $13.00 price target on the stock. Finally, Oppenheimer reissued a “market perform” rating on shares of Cellectar Biosciences in a report on Wednesday, December 11th.

Hedge Funds Weigh In On Cellectar Biosciences

A number of institutional investors have recently modified their holdings of CLRB. Geode Capital Management LLC grew its stake 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 worth $754,000 after purchasing an additional 11,266 shares in the last quarter. Oppenheimer & Co. Inc. bought a new position in shares of Cellectar Biosciences during the 3rd quarter worth $27,000. Sequoia Financial Advisors LLC purchased a new position in shares of Cellectar Biosciences during the third quarter valued at $51,000. XTX Topco Ltd increased its stake in shares of Cellectar Biosciences by 432.4% during the second 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 during the period. Finally, AIGH Capital Management LLC raised its holdings in shares of 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 acquiring an additional 231,270 shares in the last quarter. 16.41% of the stock is owned by hedge funds and other institutional investors.

Cellectar Biosciences Stock Performance

NASDAQ CLRB opened at $0.31 on Friday. The stock has a 50 day moving average price of $1.41 and a 200-day moving average price of $1.97. Cellectar Biosciences has a one year low of $0.22 and a one year high of $4.45. The company has a market capitalization of $12.74 million, a P/E ratio of -0.18 and a beta of 0.89.

Cellectar Biosciences (NASDAQ:CLRB) last released its quarterly earnings data on Tuesday, October 29th. The biopharmaceutical company reported ($0.51) EPS for the quarter. As a group, equities analysts predict that Cellectar Biosciences will post -1.59 EPS for the current fiscal year.

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.