Justin Walsh, an analyst from JonesTrading, has initiated a new Buy rating on Clene (CLNN).
Justin Walsh’s rating is based on Clene’s potential in the treatment of central nervous system disorders, particularly Amyotrophic Lateral Sclerosis (ALS). The company’s lead asset, CNM-Au8, has shown mixed clinical results but offers promising indications of survival benefits and disease progression delay. Despite previous trial setbacks, there is optimism for an accelerated NDA submission due to the urgent need for effective ALS treatments and CNM-Au8’s high tolerability.
Walsh believes that the market has prematurely dismissed the possibility of accelerated approval for CNM-Au8. He points out that previous ALS therapies faced similar challenges but still gained approval and usage. With a projected $678 million in risk-adjusted net sales by FY32, Walsh sees substantial investment opportunities for those willing to support Clene’s progress, despite acknowledging the clinical and regulatory risks involved.
In another report released on April 8, H.C. Wainwright also maintained a Buy rating on the stock with a $31.00 price target.
CLNN’s price has also changed dramatically for the past six months – from $5.500 to $2.980, which is a -45.82% drop .