Clene Inc. (NASDAQ:CLNN – Get Rating) – Cantor Fitzgerald lifted their FY2022 earnings estimates for Clene in a research note issued on Thursday, November 17th. Cantor Fitzgerald analyst C. Duncan now expects that the company will earn ($0.51) per share for the year, up from their previous forecast of ($0.56). The consensus estimate for Clene’s current full-year earnings is ($0.68) per share. Cantor Fitzgerald also issued estimates for Clene’s FY2023 earnings at ($0.37) EPS.
A number of other equities analysts have also recently issued reports on the company. Benchmark cut their price target on Clene from $25.00 to $11.00 in a report on Tuesday, October 4th. Oppenheimer cut Clene from an “outperform” rating to a “market perform” rating in a research note on Tuesday, October 4th. Canaccord Genuity Group decreased their target price on Clene from $10.00 to $6.00 in a research report on Tuesday, October 4th. Finally, HC Wainwright decreased their target price on Clene from $16.00 to $15.00 and set a “buy” rating for the company in a research report on Friday, November 4th. One equities research analyst has rated the stock with a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat.com, Clene has a consensus rating of “Moderate Buy” and a consensus target price of $11.80.
Clene Stock Performance
Clene (NASDAQ:CLNN – Get Rating) last posted its earnings results on Monday, November 7th. The company reported ($0.14) EPS for the quarter, topping analysts’ consensus estimates of ($0.23) by $0.09. Clene had a negative net margin of 5,580.14% and a negative return on equity of 4,043.36%. The firm had revenue of $0.17 million during the quarter, compared to analysts’ expectations of $0.05 million.
Institutional Investors Weigh In On Clene
Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Tang Capital Management LLC purchased a new stake in Clene in the third quarter worth $3,080,000. Two Sigma Investments LP purchased a new stake in Clene in the third quarter worth about $94,000. Vanguard Group Inc. grew its position in shares of Clene by 14.7% during the third quarter. Vanguard Group Inc. now owns 931,613 shares of the company’s stock worth $2,609,000 after purchasing an additional 119,084 shares in the last quarter. Royal Bank of Canada bought a new position in Clene during the third quarter valued at approximately $146,000. Finally, Morgan Jess S & Co. Inc. lifted its stake in shares of Clene by 28.4% in the 3rd quarter. Morgan Jess S & Co. Inc. now owns 112,000 shares of the company’s stock valued at $314,000 after purchasing an additional 24,750 shares during the last quarter. 5.65% of the stock is owned by hedge funds and other institutional investors.
Insider Buying and Selling
In related news, Director David J. Matlin purchased 2,871,287 shares of the firm’s stock in a transaction on Wednesday, November 2nd. The shares were acquired at an average cost of $1.01 per share, with a total value of $2,899,999.87. Following the purchase, the director now directly owns 5,293,684 shares of the company’s stock, valued at $5,346,620.84. The purchase was disclosed in a filing with the SEC, which is accessible through the SEC website. 28.70% of the stock is currently owned by corporate insiders.
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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