H.C. Wainwright Thinks Cellectar Biosciences’ Stock is Going to Recover


H.C. Wainwright analyst Swayampakula Ramakanth reiterated a Buy rating on Cellectar Biosciences (CLRB) today and set a price target of $3.00. The company’s shares closed last Thursday at $1.25, close to its 52-week low of $1.01.

According to TipRanks.com, Ramakanth is a 5-star analyst with an average return of 26.8% and a 44.7% success rate. Ramakanth covers the Healthcare sector, focusing on stocks such as Diffusion Pharmaceuticals, Corvus Pharmaceuticals, and Trillium Therapeutics.

Cellectar Biosciences has an analyst consensus of Strong Buy, with a price target consensus of $5.88, implying a 348.9% upside from current levels. In a report issued on May 10, Oppenheimer also assigned a Buy rating to the stock with a $5.50 price target.

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The company has a one-year high of $2.98 and a one-year low of $1.01. Currently, Cellectar Biosciences has an average volume of 1.16M.

Based on the recent corporate insider activity of 8 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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