Why Is Clene (CLNN) Stock Soaring 23% Today?


  • Clene (CLNN) is rocketing on long-term clinical trial data.
  • This includes details on treating amyotrophic lateral sclerosis (ALS) patients with CNM-Au8.
  • Mortality rates for CNM-Au8-treated patients were lower than the placebo group.
CLNN Stock - Why Is Clene (CLNN) Stock Soaring 23% Today?

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Clene (NASDAQ:CLNN) stock is heading higher on Thursday following the release of data from a long-term clinical trial of CNM-Au8.

CNM-Au8 is the company’s treatment for patients suffering from amyotrophic lateral sclerosis (ALS). The clinical trial saw these patients separated into two groups that were treated with CNM-Au8 or a placebo.

According to a news release from Clene, patients treated with CNM-Au8 experienced decreased mortality rates. 45 patients were included in the study and it lasted for 130 weeks. After that time, there were five deaths in the CNM-Au8 group and 14 deaths in the placebo group.

Rob Etherington, president and CEO of Clene, said the following in the press release:

We are very pleased to see these results and the apparent survival benefit that our investigational drug, CNM-Au8, appears to provide to people living with ALS. At this point, we are awaiting top-line data from the HEALEY ALS Platform Trial, which focuses on endpoints measuring patient function, survival and breathing over a six-month period in a much larger cohort.

News of the long-term trial data has CLNN stock experiencing incredibly heavy trading on Thursday. As of this writing, more than 22 million shares of the stock have changed hands. That’s a massive surge compared to its daily average trading volume of about 276,000 shares.

CLNN stock is up 22.6% as of Thursday afternoon.

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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

Article printed from InvestorPlace Media, https://investorplace.com/2022/07/why-is-clene-clnn-stock-soaring-23-today/.

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