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. Based on an average daily volume of 55,200 shares, the short-interest ratio is presently 1.6 days. Currently, 1.6% of the company’s stock are short sold.

Institutional Trading of Clene

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

Clene Trading Up 1.3 %

NASDAQ:CLNN opened at $3.22 on Friday. The firm has a fifty day simple moving average of $4.43 and a 200 day simple moving average of $4.84. Clene has a 1-year low of $3.09 and a 1-year high of $9.20. The stock has a market capitalization of $26.81 million, a PE ratio of -0.61 and a beta of 0.27.

Clene (NASDAQ:CLNN) last released 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). Clene had a negative return on equity of 1,106.30% and a negative net margin of 8,556.77%. The firm had revenue of $0.09 million for the quarter, compared to analyst estimates of $0.13 million. On average, equities analysts predict that Clene will post -5.19 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on the stock. HC Wainwright reaffirmed a “buy” rating and issued a $31.00 target price 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 report on Monday, March 24th. Four equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, Clene currently has an average rating of “Buy” and an average target price of $55.25.

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.