Short Interest in Clene Inc. (NASDAQ:CLNN) Drops By 24.8%

Clene Inc. (NASDAQ:CLNN) saw a significant drop in short interest during the month of March. As of March 15th, there was short interest totalling 86,500 shares, a drop of 24.8% from the February 28th total of 115,100 shares. Currently, 1.6% of the shares of the company are sold short. Based on an average daily volume of 55,200 shares, the days-to-cover ratio is presently 1.6 days.

Analysts Set New Price Targets

CLNN has been the subject of several research analyst reports. HC Wainwright reissued a “buy” rating and set a $31.00 price objective on shares of Clene in a research report on Monday, March 24th. D. Boral Capital restated a “buy” rating and issued a $23.00 price objective on shares of Clene in a research note on Monday, March 24th. Four investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Buy” and a consensus target price of $55.25.

Institutional Trading of Clene

A number of hedge funds have recently modified their holdings of the stock. SBI Securities Co. Ltd. acquired a new position in Clene in the fourth quarter valued at about $69,000. Fullcircle Wealth LLC bought a new stake in Clene during the 4th quarter worth approximately $69,000. Renaissance Technologies LLC acquired a new stake in Clene in the fourth quarter valued at $96,000. Parsons Capital Management Inc. RI acquired a new stake in shares of Clene in the fourth quarter valued at about $194,000. Finally, Geode Capital Management LLC increased its position in Clene by 52.9% during the 4th quarter. Geode Capital Management LLC now owns 65,112 shares of the company’s stock valued at $346,000 after purchasing an additional 22,539 shares during the period. Institutional investors and hedge funds own 23.28% of the company’s stock.

Clene Price Performance

Clene stock opened at $3.08 on Tuesday. Clene has a fifty-two week low of $2.95 and a fifty-two week high of $9.20. The firm has a market capitalization of $26.45 million, a price-to-earnings ratio of -0.58 and a beta of 0.27. The company’s 50 day simple moving average is $4.39 and its 200 day simple moving average is $4.81.

Clene (NASDAQ:CLNN) last posted its quarterly earnings data on Monday, March 24th. The company reported ($1.67) earnings per share for the quarter, missing the consensus estimate of ($1.21) by ($0.46). The firm had revenue of $0.09 million for the quarter, compared to analyst estimates of $0.13 million. Clene had a negative return on equity of 1,106.30% and a negative net margin of 8,556.77%. As a group, analysts predict that Clene will post -5.19 EPS for the current fiscal year.

About Clene

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.