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Investing.com - Benchmark lowered its price target on Clene, Inc. (NASDAQ:CLNN) to $31.00 from $33.00 on Wednesday, while maintaining a Buy rating on the stock. The company’s shares, currently trading at $6.29, have shown strong momentum with a 50% gain over the past six months.
The research firm cited potential funding concerns as Clene works toward an FDA New Drug Application (NDA) submission in the fourth quarter of 2025 for CNM-Au-8 in the treatment of ALS.
Clene has secured FDA agreement regarding the statistical analysis plan for the submission, marking progress toward the regulatory milestone.
The company ended the second quarter with $7.3 million in cash and cash equivalents, raising an additional $1.9 million after the quarter closed. Management estimates these funds will sustain operations into the first quarter of 2026.
While Clene can access $130.8 million in additional funding if its NDA is accepted and subsequently approved, Benchmark noted the company may require additional capital before reaching those regulatory milestones. With a market capitalization of $63.24 million and negative return on assets of -95%, the company’s path to profitability remains challenging.
In other recent news, Clene Inc. has filed a prospectus supplement to offer up to $6.28 million in additional shares of its common stock through an equity distribution agreement with Canaccord Genuity LLC. This follows a previous filing for a $2 million stock offering under the same agreement, which has a total authorized sale amount of $25 million. Clene’s recent announcement of preclinical data for its CNM-Au8 treatment for Parkinson’s Disease has led H.C. Wainwright to reiterate a Buy rating with a $31.00 price target. The data, funded by the Michael J. Fox Foundation, showed improvements in mitochondrial health and cellular metabolism. Canaccord Genuity has lowered its price target for Clene to $48.00 from $83.00, while maintaining a Buy rating, reflecting updates to its model post-second-quarter 2025 results. Additionally, Clene has completed a Type-C meeting with the FDA regarding its ALS treatment, CNM-Au8, focusing on the statistical analysis plan to assess its effect on Neurofilament Light Chain measurements.
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