Cellectar Biosciences Inc (NASDAQ: CLRB) was the topic of key coverage by Ladenburg Thalmann recently. The firm reiterates its buy rating with a strong price target on the stock. Here’s what the firm had to offer…
Ladenburg Thalmann Reiterates Buy On CLRB
As mentioned above, Cellectar Biosciences was recently the center of a research report, created by Ladenburg Thalmann, that proved to be overwhelmingly positive. The firm announced that it has reiterated its buy rating on the stock thanks to encouraging CLR131 Cohort 4 data, the new collaboration with Onconova, and the progress of existing collaborations along with an enhanced cash position. As a result, the firm maintained their Buy rating with a price target of $3.10.
CLRB Reports Encouraging Cohort 4 Data
As mentioned above, one of the key factors in the reiteration of the Buy rating at Ladenburg Thalmann was the fact that CLRB recently reported encouraging Cohort 4 data surrounding the CLR 131 Phase 1 dose-escalation study in relapsed or refractory multiple myeloma. 3 patients who were heavily pretreated with high tumor burden were enrolled into Cohort 4. One of the patients saw an 82% reduction in serum free light chain, a partial response. The other 2 patients also achieved stable disease, including 1 patient with a 44% reduction in M protein. These data proved to be overwhelmingly positive.
Recent Collaboration News
Another bit of information that led to the reiteration of the Buy rating as well as the strong price target was the fact that CLRB recently signed a collaboration agreement with Onconova. The company also extended its existing collaboration with Pierre Fabre. Through these diverse collaborations, CLRB aims to determine PLE’s ability as a versatile delivery carrier to enable more targeted and enriched delivery of diverse types of drug payloads into cancer cells. These collaborations are likely to generate promising results that will propel Cellectar further toward the top!
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What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will continue to keep a close eye on CLRB. In particular, we’re interested in following the ongoing story surrounding CLR131 and ongoing collaborations. Nonetheless, we’ll continue to follow the story closely and bring the news to you as it breaks!
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