Oppenheimer Releases a Buy Rating on Cellectar Biosciences (CLRB)

By Jason Carr

In a report released today, Kevin DeGeeter from Oppenheimer assigned a Buy rating to Cellectar Biosciences (CLRBResearch Report), with a price target of $5.50. The company’s shares closed last Friday at $1.59.

According to TipRanks.com, DeGeeter is a 5-star analyst with an average return of 46.6% and a 50.0% 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.

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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.

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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.