Clene, the Consumer Defensive sector company, was revisited by a Wall Street analyst yesterday. Analyst Bruce Jackson from Benchmark Co. maintained a Buy rating on the stock and has a $31.00 price target.
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Bruce Jackson has given his Buy rating due to a combination of factors that highlight Clene’s promising developments in their clinical programs. The recent presentation of positive clinical data for CNM-Au8 at a major European conference demonstrated its potential in treating Multiple Sclerosis (MS), showcasing improvements in brain energy metabolism. This is particularly significant as it addresses key underlying factors of neurodegenerative diseases, such as mitochondrial dysfunction and cellular senescence.
Additionally, Clene’s engagement with the FDA regarding the MS program’s endpoints indicates a progressive approach to evaluating treatment effects, which could enhance the drug’s approval prospects. The company’s experience with the ALS program, where they successfully integrated biomarker data into their regulatory submission, further supports the potential success of CNM-Au8. These strategic advancements and regulatory interactions underpin the positive outlook for Clene’s stock, justifying the Buy rating.
In another report released yesterday, 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.