JonesTrading analyst Justin Walsh has reiterated their bullish stance on CLNN stock, giving a Buy rating today.
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Justin Walsh has given his Buy rating due to a combination of factors surrounding Clene’s promising developments. The company’s CNM-Au8 treatment has shown potential in managing Multiple Sclerosis (MS) and Parkinson’s disease, as evidenced by data from their REPAIR Program. The treatment appears to positively impact brain metabolism, which is crucial to its proposed mechanism of action.
Furthermore, the FDA’s willingness to consider novel endpoints for a Phase III trial in MS significantly enhances the chances of CNM-Au8 gaining approval as an adjunctive therapy. This openness could allow for a trial with fewer participants, making it more feasible for Clene to conduct. Additionally, the company’s progress in the ALS program, which is a key value driver, supports the Buy rating and the $30 price target.
In another report released today, H.C. Wainwright also maintained a Buy rating on the stock with a $31.00 price target.
Based on the recent corporate insider activity of 12 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of CLNN in relation to earlier this year.