Clene’s Strategic Focus and Promising CNM-Au8 Developments Drive Buy Rating

Clene (CLNN – Research Report), the Healthcare sector company, was revisited by a Wall Street analyst today. Analyst Joseph Pantginis from H.C. Wainwright maintained a Buy rating on the stock and has a $31.00 price target.

Joseph Pantginis has given his Buy rating due to a combination of factors surrounding Clene’s strategic focus and promising developments in their CNM-Au8 program. The company is concentrating its efforts on advancing CNM-Au8 for ALS treatment, with plans to submit a New Drug Application (NDA) through the Accelerated Approval pathway by the end of 2025. This decision is based on the drug’s demonstrated survival and neurological benefits in clinical trials, despite not meeting the primary endpoint in one of the studies.
Additionally, Clene’s financial position, with a reported $9.8 million in cash, provides a runway to support ongoing operations. The company’s proactive approach in addressing the FDA’s request for new biomarker data and their engagement in regulatory discussions further bolster confidence in their path forward. The promising results from the Phase 2 VISIONARY-MS trial, showing neuroprotective properties of CNM-Au8, add to the positive outlook, as Clene prepares for further regulatory meetings and potential trial initiations.

In another report released on April 22, JonesTrading also initiated coverage with a Buy rating on the stock with a $30.00 price target.