Roth MKM lowered the firm’s price target on Clene to $7 from $10 and keeps a Buy rating on the shares. The company ended Q3 2023 with cash of $42.1M, enough for funding into Q3 2024, and has $26.2M in debt, the firm notes. Future warrants could generate $130M of additional cash upon achieving certain regulatory milestones. Roth expects Clene to release more long-term HEALEY ALS trial results and to continue preparations for ALS regulatory discussions with the FDA and EMA.
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Read More on CLNN:
- Clene Reports Third Quarter 2023 Financial Results and Operating Highlights
- Clene expects cash to fund operations into 3Q24
- Clene reports Q3 EPS (2c), consensus (9c)
- Clene awarded $45.1M four-year grant from NINDS for CNM-Au8
- National Institutes of Health Awards $45.1 Million NINDS Grant for CNM-Au8® Study in ALS
