Short Interest in Clene Inc. (NASDAQ:CLNN) Grows By 52.9%

Clene Inc. (NASDAQ:CLNN) was the target of a large increase in short interest in the month of September. As of September 15th, there was short interest totaling 342,100 shares, an increase of 52.9% from the August 31st total of 223,700 shares. Based on an average daily volume of 81,800 shares, the days-to-cover ratio is presently 4.2 days. Currently, 5.2% of the shares of the stock are sold short. Currently, 5.2% of the shares of the stock are sold short. Based on an average daily volume of 81,800 shares, the days-to-cover ratio is presently 4.2 days.

Analyst Ratings Changes

A number of equities analysts have recently commented on CLNN shares. Weiss Ratings restated a “sell (e+)” rating on shares of Clene in a research report on Saturday, September 27th. Benchmark cut their price target on shares of Clene from $33.00 to $31.00 and set a “buy” rating for the company in a report on Wednesday, September 10th. Wall Street Zen downgraded shares of Clene from a “hold” rating to a “strong sell” rating in a report on Saturday, August 16th. Canaccord Genuity Group dropped their price objective on Clene from $83.00 to $48.00 and set a “buy” rating for the company in a research note on Monday, August 18th. Finally, D. Boral Capital reissued a “buy” rating and set a $23.00 price objective on shares of Clene in a research note on Thursday, September 25th. Five equities research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, Clene currently has a consensus rating of “Moderate Buy” and a consensus target price of $32.60.

Clene Stock Up 3.9%

Shares of CLNN stock opened at $9.42 on Thursday. The business has a 50-day moving average price of $5.70 and a two-hundred day moving average price of $4.18. Clene has a 12-month low of $2.28 and a 12-month high of $11.06. The firm has a market cap of $94.86 million, a P/E ratio of -2.51 and a beta of 0.62.

Clene (NASDAQ:CLNN) last released its earnings results on Thursday, August 14th. The company reported ($0.78) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.49) by ($0.29). The company had revenue of $0.03 million during the quarter, compared to the consensus estimate of $0.06 million. As a group, research analysts expect that Clene will post -5.19 EPS for the current fiscal year.

Institutional Trading of Clene

Several hedge funds have recently added to or reduced their stakes in the business. Penn Davis Mcfarland Inc. bought a new stake in shares of Clene in the 1st quarter valued at about $34,000. Jane Street Group LLC bought a new stake in Clene in the second quarter valued at approximately $47,000. Lunt Capital Management Inc. lifted its position in Clene by 71.2% in the second quarter. Lunt Capital Management Inc. now owns 51,010 shares of the company’s stock valued at $199,000 after purchasing an additional 21,217 shares during the last quarter. Finally, Scoggin Management LP raised its holdings in Clene by 42.8% during the 2nd quarter. Scoggin Management LP now owns 142,750 shares of the company’s stock valued at $558,000 after buying an additional 42,750 shares during the last quarter. 23.28% of the stock is owned by institutional investors.

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.