Clene (NASDAQ:CLNN) Price Target Cut to $86.00

Clene (NASDAQ:CLNN) had its price objective reduced by equities researchers at Canaccord Genuity Group from $94.00 to $86.00 in a research report issued to clients and investors on Friday, Benzinga reports. The brokerage currently has a “buy” rating on the stock.

A number of other equities research analysts also recently issued reports on the stock. HC Wainwright reiterated a “buy” rating and issued a $31.00 target price on shares of Clene in a research report on Monday, September 16th. EF Hutton Acquisition Co. I upgraded shares of Clene to a “strong-buy” rating in a research report on Tuesday, September 10th.

Clene Stock Up 2.6 %

Shares of CLNN traded up $0.13 during midday trading on Friday, hitting $5.08. The company had a trading volume of 26,944 shares, compared to its average volume of 71,780. The stock has a market cap of $32.62 million, a price-to-earnings ratio of -0.55 and a beta of 0.48. The company’s 50 day moving average price is $5.17 and its 200 day moving average price is $6.49. The company has a quick ratio of 0.99, a current ratio of 0.99 and a debt-to-equity ratio of 1.66. Clene has a 52 week low of $3.82 and a 52 week high of $13.20.

Clene (NASDAQ:CLNN) last posted its quarterly earnings data on Wednesday, August 7th. The company reported ($1.06) earnings per share (EPS) for the quarter, beating the consensus estimate of ($1.60) by $0.54. The business had revenue of $0.09 million during the quarter, compared to analysts’ expectations 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.

Insider Activity at Clene

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

Hedge Funds Weigh In On Clene

A hedge fund recently raised its stake in Clene stock. Csenge Advisory Group lifted its stake in shares of Clene Inc. (NASDAQ:CLNN) by 131.2% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 269,600 shares of the company’s stock after purchasing an additional 153,000 shares during the quarter. Csenge Advisory Group owned 0.21% of Clene worth $96,000 as of its most recent filing with the Securities and Exchange Commission. Institutional investors and hedge funds own 23.28% of the company’s stock.

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.