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General Resonance LLC, a significant shareholder of Clene Inc. (NASDAQ:CLNN), recently executed a stock sale transaction. On June 2, the firm sold 600 shares of Clene’s common stock at a price of $4.121 per share, totaling $2,472. The stock has since rallied significantly, showing a 34.6% gain over the past week to reach $4.57, though InvestingPro data indicates the company faces cash burn challenges. Following this transaction, General Resonance LLC holds 708,592 shares directly. This move is part of the ongoing financial activities of Clene Inc., a micro-cap company with a market value of $41.1M, known for its focus on developing innovative treatments for neurodegenerative diseases. InvestingPro analysis reveals a WEAK financial health score, with additional insights available to subscribers tracking insider movements.
In other recent news, Clene Inc. announced financial results that fell short of analyst expectations, with earnings per share of ($1.61) for the fourth quarter and ($5.67) for the year 2024. The company closed the year with $12.2 million in cash, which is expected to support operations until the second quarter of 2025. Clene Inc. has entered into an Equity Distribution Agreement with Canaccord Genuity LLC to offer and sell up to $25 million of its common stock, aiming to raise capital as needed. Additionally, Clene has resolved a $125,000 debt by issuing 35,311 shares of common stock, a strategic move to strengthen its balance sheet. The company reported significant findings from the VISIONARY-MS Trial, showing improvements in multiple sclerosis patients treated with CNM-Au8, suggesting potential remyelination and neuronal repair. H.C. Wainwright maintained its Buy rating and $31 price target on Clene stock, citing new long-term survival data from the HEALEY ALS Platform Trial. The data indicates CNM-Au8’s potential benefits in extending survival and delaying ALS symptoms. Clene plans to start the Phase 3 RESTORE-ALS study in mid-2025, further investigating CNM-Au8’s efficacy.
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