Clene Inc. (NASDAQ:CLNN) Short Interest Up 17.9% in September

Clene Inc. (NASDAQ:CLNN) was the recipient of a significant increase in short interest in the month of September. As of September 30th, there was short interest totalling 176,200 shares, an increase of 17.9% from the September 15th total of 149,400 shares. Based on an average daily volume of 135,100 shares, the days-to-cover ratio is currently 1.3 days. Approximately 4.0% of the company’s shares are short sold.

Clene Stock Down 3.1 %

CLNN traded down $0.18 during trading hours on Wednesday, hitting $5.67. 37,421 shares of the company’s stock were exchanged, compared to its average volume of 72,488. The stock has a market cap of $36.41 million, a price-to-earnings ratio of -0.62 and a beta of 0.48. The stock’s 50-day moving average is $5.33 and its two-hundred day moving average is $6.29. 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 1-year low of $3.82 and a 1-year high of $12.00.

Clene (NASDAQ:CLNN) last released its earnings results on Wednesday, August 7th. The company reported ($1.06) earnings per share 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%. Sell-side analysts predict that Clene will post -5.26 earnings per share for the current fiscal year.

Analyst Ratings Changes

CLNN has been the topic of several research reports. EF Hutton Acquisition Co. I raised shares of Clene to a “strong-buy” rating in a research report on Tuesday, September 10th. HC Wainwright restated a “buy” rating and issued a $31.00 price target on shares of Clene in a report on Monday, September 16th. Finally, Canaccord Genuity Group decreased their price objective on Clene from $94.00 to $86.00 and set a “buy” rating for the company in a report on Friday, October 4th.

Insider Activity at Clene

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

Institutional Trading of Clene

An institutional investor recently raised its position in Clene stock. Csenge Advisory Group grew its position in Clene Inc. (NASDAQ:CLNN) by 131.2% during the 2nd quarter, according to its most recent Form 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 about 0.21% of Clene worth $96,000 as of its most recent SEC filing. 23.28% of the stock is currently owned by hedge funds and other 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.