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

Clene Inc. (NASDAQ:CLNN) was the target of a significant increase in short interest in September. As of September 30th, there was short interest totalling 176,200 shares, an increase of 17.9% from the September 15th total of 149,400 shares. Currently, 4.0% of the company’s shares are short sold. Based on an average daily volume of 135,100 shares, the days-to-cover ratio is currently 1.3 days.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on CLNN. Canaccord Genuity Group reduced their target price on shares of Clene from $94.00 to $86.00 and set a “buy” rating for the company in a research note on Friday, October 4th. EF Hutton Acquisition Co. I raised shares of Clene to a “strong-buy” rating in a report on Tuesday, September 10th. Finally, HC Wainwright reaffirmed a “buy” rating and issued a $31.00 price target on shares of Clene in a report on Monday, September 16th.

Insiders Place Their Bets

In related news, insider Mark Mortenson bought 20,512 shares of the business’s stock in a transaction that occurred on Monday, September 30th. The shares were acquired at an average cost of $4.75 per share, with a total value of $97,432.00. Following the completion of the purchase, the insider now directly owns 28,949 shares in the company, valued at $137,507.75. The trade was a 200.00 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In related news, insider Mark Mortenson acquired 20,512 shares of the stock in a transaction dated Monday, September 30th. The stock was purchased at an average cost of $4.75 per share, with a total value of $97,432.00. Following the completion of the purchase, the insider now directly owns 28,949 shares in the company, valued at $137,507.75. This trade represents a 200.00 % increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director David J. Matlin acquired 92,307 shares of the firm’s stock in a transaction that occurred on Monday, September 30th. The shares were bought at an average price of $4.75 per share, with a total value of $438,458.25. Following the acquisition, the director now directly owns 444,491 shares of the company’s stock, valued at $2,111,332.25. The trade was a 0.00 % increase in their position. The disclosure for this purchase can be found here. 25.10% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Clene

A hedge fund recently raised its stake in Clene stock. Csenge Advisory Group lifted its holdings in Clene Inc. (NASDAQ:CLNN) by 131.2% in the second quarter, according to the company in its most recent filing with the SEC. The fund owned 269,600 shares of the company’s stock after acquiring an additional 153,000 shares during the quarter. Csenge Advisory Group owned 0.21% of Clene worth $96,000 at the end of the most recent quarter. Institutional investors own 23.28% of the company’s stock.

Clene Price Performance

Shares of CLNN stock traded down $0.18 during trading hours on Wednesday, reaching $5.67. The stock had a trading volume of 37,421 shares, compared to its average volume of 72,488. The stock’s fifty day simple moving average is $5.33 and its 200 day simple moving average is $6.29. The firm has a market capitalization of $36.41 million, a PE ratio of -0.62 and a beta of 0.48. Clene has a 12 month low of $3.82 and a 12 month high of $12.00. The company has a current ratio of 0.99, a quick ratio of 0.99 and a debt-to-equity ratio of 1.66.

Clene (NASDAQ:CLNN) last announced its quarterly earnings results on Wednesday, August 7th. The company reported ($1.06) EPS for the quarter, beating the consensus estimate of ($1.60) by $0.54. The firm had revenue of $0.09 million during the quarter, compared to the consensus estimate of $0.10 million. Clene had a negative net margin of 6,890.50% and a negative return on equity of 315.97%. On average, equities research analysts predict that Clene will post -5.26 EPS for the current year.

Clene Company Profile

Clene Inc, a clinical-stage pharmaceutical company, focuses on the discovery, development, and commercialization of novel clean-surfaced nanotechnology (CSN) therapeutics. Its lead drug candidate is CNM-Au8, which is being studied in various clinical trials, including a completed Phase 2 platform trial to evaluate the safety and efficacy of CNM-Au8 in 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; completed Phase 2 clinical trial for the treatment of visual pathway deficits in chronic optic neuropathy for remyelination in stable relapsing Multiple Sclerosis; and a second Phase 2 clinical trial for the treatment of patients with Parkinson's Diseases.