Lunt Capital Management Inc. Raises Stock Holdings in Clene Inc. $CLNN

Lunt Capital Management Inc. boosted its position in Clene Inc. (NASDAQ:CLNN) by 71.2% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 51,010 shares of the company’s stock after purchasing an additional 21,217 shares during the quarter. Lunt Capital Management Inc.’s holdings in Clene were worth $199,000 at the end of the most recent quarter.

Separately, Penn Davis Mcfarland Inc. bought a new position in shares of Clene in the 1st quarter worth about $34,000. 23.28% of the stock is currently owned by institutional investors and hedge funds.

Clene Stock Performance

Shares of NASDAQ:CLNN opened at $8.59 on Wednesday. The firm has a market cap of $86.50 million, a price-to-earnings ratio of -2.28 and a beta of 0.62. The business has a 50-day simple moving average of $6.11 and a two-hundred day simple moving average of $4.33. Clene Inc. has a fifty-two week low of $2.28 and a fifty-two week high of $11.06.

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

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on the stock. Benchmark dropped their price objective on shares of Clene from $33.00 to $31.00 and set a “buy” rating on the stock in a research note on Wednesday, September 10th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Clene in a report on Tuesday. Wall Street Zen downgraded Clene from a “hold” rating to a “strong sell” rating in a research note on Saturday, August 16th. Canaccord Genuity Group lowered 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 issued a $23.00 target price on shares of Clene in a report on Thursday, September 25th. Five research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $32.60.

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.