Clene Inc. (NASDAQ:CLNN) Sees Significant Decrease in Short Interest

Clene Inc. (NASDAQ:CLNN) was the target of a large decline in short interest in November. As of November 30th, there was short interest totalling 108,200 shares, a decline of 32.5% from the November 15th total of 160,400 shares. Approximately 2.1% of the company’s shares are short sold. Based on an average daily volume of 84,900 shares, the short-interest ratio is presently 1.3 days.

Analysts Set New Price Targets

Several research firms have commented on CLNN. Benchmark lowered their target price on shares of Clene from $90.00 to $84.00 and set a “buy” rating on the stock in a research report on Friday, November 22nd. HC Wainwright restated a “buy” rating and issued a $31.00 target price on shares of Clene in a research note on Thursday, November 14th. D. Boral Capital reiterated a “buy” rating and issued a $23.00 price objective on shares of Clene in a research report on Tuesday. EF Hutton Acquisition Co. I raised shares of Clene to a “strong-buy” rating in a research note on Tuesday, September 10th. Finally, Canaccord Genuity Group reduced their price target on shares of Clene from $86.00 to $83.00 and set a “buy” rating on the stock in a research report on Thursday, November 14th. Four analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Buy” and an average target price of $55.25.

Insider Activity

In other news, Director David J. Matlin purchased 92,307 shares of the stock in a transaction dated Monday, September 30th. The stock was acquired at an average price 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 approximately $2,111,332.25. The trade was a 26.21 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Mark Mortenson purchased 20,512 shares of the company’s stock in a transaction on Monday, September 30th. The stock was purchased at an average price of $4.75 per share, for a total transaction of $97,432.00. Following the purchase, the insider now directly owns 28,949 shares of the company’s stock, valued at $137,507.75. This trade represents a 243.12 % increase in their position. The disclosure for this purchase can be found here. Corporate insiders own 25.10% of the company’s stock.

Institutional Inflows and Outflows

A hedge fund recently bought a new stake in Clene stock. Castleview Partners LLC purchased a new stake in shares of Clene Inc. (NASDAQ:CLNN) during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 12,783 shares of the company’s stock, valued at approximately $59,000. Castleview Partners LLC owned about 0.19% of Clene at the end of the most recent reporting period. Institutional investors and hedge funds own 23.28% of the company’s stock.

Clene Trading Up 3.0 %

NASDAQ CLNN traded up $0.15 on Friday, reaching $5.11. The company had a trading volume of 105,918 shares, compared to its average volume of 74,849. Clene has a fifty-two week low of $3.82 and a fifty-two week high of $12.00. The company has a debt-to-equity ratio of 1.66, a current ratio of 0.83 and a quick ratio of 0.82. The firm has a market cap of $42.72 million, a price-to-earnings ratio of -0.98 and a beta of 0.32. The business has a 50 day moving average of $5.09 and a two-hundred day moving average of $5.57.

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.