Wall Street closes at a record for the first time since end of January
Chidozie Ugwumba, a ten percent owner of Clene Inc. (NASDAQ:CLNN), has sold a total of 100,997 shares of common stock in three separate transactions, according to a Form 4 filing with the Securities and Exchange Commission. The sales, which occurred between March 27 and March 31, 2026, were executed at prices ranging from $4.75 to $5.10, resulting in total proceeds of approximately $494,012. The stock currently trades at $4.93, with shares down nearly 16% over the past week, according to InvestingPro data.
On March 27, Ugwumba sold 17,470 shares at $4.75 per share. This was followed by a sale of 15,536 shares on March 30 at $5.10 per share. The final transaction on March 31 involved the sale of 67,991 shares at $4.88 per share.
Following these transactions, Ugwumba still owns 431,094 shares of Clene Inc., held indirectly through Symbiosis II, LLC. The insider sales come as the biotechnology company, with a market cap of $57.3 million, faces financial headwinds. InvestingPro tips highlight that the company is quickly burning through cash and maintains a "WEAK" overall financial health score. Investors seeking deeper insights can access 6 additional ProTips and comprehensive financial metrics on the platform.
In other recent news, Clene Inc. announced the securing of over $28 million in a registered direct offering to support its ALS drug candidate, CNM-Au8. This financing round includes participation from notable investors such as Boxer Capital, Coastlands Capital, Vivo Capital, and existing insiders. The initial funding tranche of more than $6 million is anticipated to sustain operations into the third quarter of 2026, potentially aligning with the FDA’s decision on the company’s New Drug Application. Additionally, Clene has been granted an in-person Type C meeting with the U.S. Food and Drug Administration to discuss biomarker data related to CNM-Au8. The meeting will focus on new analyses indicating that reductions in neurofilament light chain levels, a biomarker for neuronal damage, correlate with lower mortality risk in ALS patients. This data could support the use of neurofilament light chain reduction as a surrogate endpoint for accelerated drug approval. These developments reflect Clene’s ongoing efforts to advance its investigational ALS treatment.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.