Cellectar Biosciences (CLRB) Gets a Buy Rating from Maxim Group

In a report released yesterday, Jason McCarthy from Maxim Group assigned a Buy rating to Cellectar Biosciences (CLRB), with a price target of $5.00. The company’s shares closed last Wednesday at $2.01.

According to TipRanks.com, McCarthy is a top 100 analyst with an average return of 51.6% and a 55.3% success rate. McCarthy covers the Healthcare sector, focusing on stocks such as Appili Therapeutics Inc Class A, Brainstorm Cell Therapeutics, and Interpace Diagnostics Group.

Currently, the analyst consensus on Cellectar Biosciences is a Strong Buy with an average price target of $5.98, implying a 196.0% upside from current levels. In a report issued on December 28, Oppenheimer also maintained a Buy rating on the stock with a $5.50 price target.

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The company has a one-year high of $3.33 and a one-year low of $1.01. Currently, Cellectar Biosciences has an average volume of 1.83M.

Based on the recent corporate insider activity of 7 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of CLRB in relation to earlier this year.

TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.

Cellectar BioSciences, Inc. engages in the development of phospholipid drug conjugates (PDCs) for the treatment and imaging of cancer. Its portfolio includes CLR 131, which seeks to treat relapse or refractory multiple myeloma; CLR 125, which intends to treat micro metastatic disease; CLR 124 which could detects tumors and metastases in a broad range of cancers; and CLR 1502, a cancer-targeting near-infrared-fluorophore optical imaging PDC for intraoperative tumor and tumor margin illumination. The company was founded in June,1996 and is headquartered in Florham Park, NJ.

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