Shares of pharmaceutical company Clene Inc. (NASDAQ:CLNN) are rising today after it announced data in delayed time to clinical progression events in patients suffering from amyotrophic lateral sclerosis (ALS) that were treated with CNM-Au8.
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The data from the 6-month period indicated the drug delayed the time to worsening events (74% decreased risk) and this could mean patients enjoying independence for a longer timeframe.
Importantly, the drug was well tolerated and was associated with a 98% lower risk of death or permanent ventilation in patients. Next, the company plans to discuss the results with the U.S. Food and Drug Administration (FDA) in an end-of-Phase 2 meeting.
Overall, Wall Street has a consensus price target of $10 on CLNN, implying a more than massive 669% potential upside in the stock. That’s on top of a 37% gain delivered by the stock so far this year already.
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