Shares of Clene (NASDAQ: CLNN), a clinical-stage biopharmaceutical company, soared by as much as 108.9% on Wednesday and ended the trading session up by 101.7%. The company did not report any news, but we can probably attribute the stock’s gains to the bullish sentiments of a Wall Street analyst.
Clene focuses on developing treatments for neurodegenerative diseases such as multiple sclerosis, amyotrophic lateral sclerosis, and Parkinson’s disease. The company’s leading pipeline candidate is CNM-Au8, which is being studied as a potential treatment for all three of those conditions. There are few treatment options for these illnesses, and if CNM-Au8 proves safe and effective in clinical trials, it could become a major cash cow for Clene. Roth Capital analyst Elemer Piros sees this opportunity as a major reason to consider buying shares of the healthcare company.