Clene (NASDAQ:CLNN) Upgraded to Hold at Zacks Investment Research

Zacks Investment Research upgraded shares of Clene (NASDAQ:CLNNGet Rating) from a sell rating to a hold rating in a research report sent to investors on Friday, Zacks.com reports.

According to Zacks, “Clene Inc. is a clinical-stage biopharmaceutical company. It is focused on the development of unique therapeutics for neurodegenerative diseases. Clene Nanomedicine Inc., formerly known as Tottenham Acquisition I Limited, is based in SALT LAKE CITY. “

Several other equities analysts have also recently issued reports on the stock. Canaccord Genuity Group assumed coverage on shares of Clene in a research note on Monday, May 2nd. They issued a buy rating and a $10.00 price objective on the stock. Canaccord Genuity Group assumed coverage on shares of Clene in a research note on Monday, May 2nd. They issued a buy rating and a $10.00 price objective on the stock. Finally, Roth Capital reaffirmed a buy rating on shares of Clene in a research note on Monday, February 14th. One research analyst has rated the stock with a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of Buy and a consensus target price of $13.17.

Clene stock traded down $0.16 during trading on Friday, reaching $2.10. The company had a trading volume of 182,707 shares, compared to its average volume of 108,690. The firm has a market capitalization of $132.85 million, a price-to-earnings ratio of 9.13 and a beta of 0.37. The company has a debt-to-equity ratio of 9.64, a quick ratio of 9.05 and a current ratio of 7.77. The stock’s 50 day moving average price is $2.95 and its two-hundred day moving average price is $3.65. Clene has a 12-month low of $2.01 and a 12-month high of $17.82.

Clene (NASDAQ:CLNNGet Rating) last announced its quarterly earnings data on Friday, March 11th. The company reported ($0.19) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.18) by ($0.01). The firm had revenue of $0.20 million for the quarter, compared to the consensus estimate of $0.14 million. As a group, research analysts expect that Clene will post -0.72 earnings per share for the current year.

In related news, Director David J. Matlin purchased 20,000 shares of the firm’s stock in a transaction that occurred on Friday, March 18th. The stock was acquired at an average cost of $2.79 per share, for a total transaction of $55,800.00. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director David J. Matlin purchased 35,000 shares of the firm’s stock in a transaction that occurred on Monday, March 21st. The shares were bought at an average price of $2.90 per share, with a total value of $101,500.00. The disclosure for this purchase can be found here. Over the last quarter, insiders acquired 217,891 shares of company stock valued at $647,102. Corporate insiders own 28.70% of the company’s stock.

Hedge funds have recently bought and sold shares of the stock. Morgan Stanley boosted its holdings in shares of Clene by 110.5% during the first quarter. Morgan Stanley now owns 2,105 shares of the company’s stock worth $27,000 after purchasing an additional 1,105 shares during the period. Bank of America Corp DE lifted its stake in Clene by 7,045.1% in the second quarter. Bank of America Corp DE now owns 5,859 shares of the company’s stock valued at $66,000 after acquiring an additional 5,777 shares during the last quarter. Wells Fargo & Company MN lifted its stake in Clene by 9,823.7% in the second quarter. Wells Fargo & Company MN now owns 13,000 shares of the company’s stock valued at $146,000 after acquiring an additional 12,869 shares during the last quarter. Cubist Systematic Strategies LLC acquired a new stake in Clene in the fourth quarter valued at approximately $62,000. Finally, Veritable L.P. acquired a new stake in Clene in the first quarter valued at approximately $79,000. Institutional investors and hedge funds own 23.07% of the company’s stock.

About Clene (Get Rating)

Clene Inc, a clinical-stage pharmaceutical company, focuses on the discovery, development, and commercialization of novel clean-surfaced nanotechnology (CSN) therapeutics. Its lead drug is CNM-Au8, which is being studied in various clinical trials, including a Phase 2/3 registrational clinical trial for patients with amyotrophic lateral sclerosis (ALS); completed Phase 2 proof of concept clinical trial in patients with early symptomatic ALS; completed two open-label investigator blinded Phase 2 clinical trials on the brain's energy metabolites; ongoing Phase 2 clinical trial for the treatment of visual pathway deficits in chronic optic neuropathy for remyelination in stable relapsing Multiple Sclerosis; and a planned Phase 2 clinical trial for the treatment of patients with Parkinson's Diseases.

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