Clene Inc. (NASDAQ:CLNN) Sees Large Drop in Short Interest

Clene Inc. (NASDAQ:CLNNGet Rating) was the target of a significant decrease in short interest during the month of December. As of December 30th, there was short interest totalling 2,280,000 shares, a decrease of 5.4% from the December 15th total of 2,410,000 shares. Approximately 8.7% of the company’s shares are sold short. Based on an average daily volume of 253,600 shares, the short-interest ratio is presently 9.0 days.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on the company. Canaccord Genuity Group dropped their price target on Clene from $10.00 to $6.00 in a research report on Tuesday, October 4th. HC Wainwright dropped their price target on Clene from $16.00 to $15.00 and set a “buy” rating on the stock in a research report on Friday, November 4th. Benchmark dropped their price target on Clene from $25.00 to $11.00 in a research report on Tuesday, October 4th. Finally, Oppenheimer lowered Clene from an “outperform” rating to a “market perform” rating in a research report on Tuesday, October 4th. One investment analyst has rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $11.80.

Clene Stock Performance

Shares of NASDAQ CLNN opened at $1.49 on Monday. The firm has a market cap of $109.99 million, a price-to-earnings ratio of -3.92 and a beta of 0.19. The business’s 50-day simple moving average is $1.08 and its 200-day simple moving average is $2.12. Clene has a 52 week low of $0.87 and a 52 week high of $5.13.

Clene (NASDAQ:CLNNGet Rating) last issued its earnings results on Monday, November 7th. The company reported ($0.14) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.23) by $0.09. Clene had a negative return on equity of 4,043.36% and a negative net margin of 5,580.14%. The business had revenue of $0.17 million during the quarter, compared to analysts’ expectations of $0.05 million. As a group, equities research analysts forecast that Clene will post -0.63 earnings per share for the current year.

Insider Activity

In related news, Director David J. Matlin bought 2,871,287 shares of Clene stock in a transaction dated Wednesday, November 2nd. The stock was acquired at an average cost of $1.01 per share, with a total value of $2,899,999.87. Following the completion of the acquisition, the director now directly owns 5,293,684 shares in the company, valued at approximately $5,346,620.84. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 28.70% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Clene

Several hedge funds and other institutional investors have recently made changes to their positions in CLNN. Cubist Systematic Strategies LLC acquired a new stake in shares of Clene in the 2nd quarter valued at $29,000. UBS Group AG boosted its position in shares of Clene by 113.0% in the 2nd quarter. UBS Group AG now owns 22,411 shares of the company’s stock worth $56,000 after purchasing an additional 11,887 shares during the last quarter. Goldman Sachs Group Inc. boosted its position in shares of Clene by 46.2% in the 2nd quarter. Goldman Sachs Group Inc. now owns 26,145 shares of the company’s stock worth $66,000 after purchasing an additional 8,262 shares during the last quarter. Oppenheimer & Co. Inc. boosted its position in shares of Clene by 27.2% in the 2nd quarter. Oppenheimer & Co. Inc. now owns 32,026 shares of the company’s stock worth $81,000 after purchasing an additional 6,852 shares during the last quarter. Finally, Two Sigma Investments LP bought a new position in shares of Clene in the 3rd quarter worth $94,000. 5.86% of the stock is owned by institutional investors and hedge funds.

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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