Oppenheimer Releases a Buy Rating on Cellectar Biosciences (CLRB)


Oppenheimer analyst Kevin DeGeeter assigned a Buy rating to Cellectar Biosciences (CLRB) today and set a price target of $5.50. The company’s shares closed last Tuesday at $2.01.

According to TipRanks.com, DeGeeter is a top 100 analyst with an average return of 57.5% and a 58.7% success rate. DeGeeter covers the Healthcare sector, focusing on stocks such as Rocket Pharmaceuticals, Sensei Biotherapeutics, and Taysha Gene Therapies.

The word on The Street in general, suggests a Strong Buy analyst consensus rating for Cellectar Biosciences with a $4.50 average price target, a 120.6% upside from current levels. In a report issued on March 2, Maxim Group also reiterated a Buy rating on the stock with a $5.00 price target.

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Based on Cellectar Biosciences’ latest earnings release for the quarter ending December 31, the company reported a quarterly GAAP net loss of $3.62 million. In comparison, last year the company had a GAAP net loss of $3.38 million.

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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