Cellectar Biosciences (CLRB) Receives a Buy from Maxim Group

Maxim Group analyst Jason McCarthy reiterated a Buy rating on Cellectar Biosciences (CLRBResearch Report) yesterday and set a price target of $5.00. The company’s shares closed last Wednesday at $1.85.

According to TipRanks.com, McCarthy is a top 100 analyst with an average return of 58.4% and a 60.2% success rate. McCarthy covers the Healthcare sector, focusing on stocks such as Appili Therapeutics Inc Class A, Brainstorm Cell Therapeutics, and SELLAS Life Sciences Group.

The word on The Street in general, suggests a Moderate Buy analyst consensus rating for Cellectar Biosciences with a $5.25 average price target, implying a 156.1% upside from current levels. In a report released yesterday, 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 $2.98 and a one-year low of $1.01. Currently, Cellectar Biosciences has an average volume of 3.01M.

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.

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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.