Canaccord Genuity Group Has Lowered Expectations for Clene (NASDAQ:CLNN) Stock Price

Clene (NASDAQ:CLNN) had its price objective decreased by Canaccord Genuity Group from $86.00 to $83.00 in a report released on Thursday,Benzinga reports. Canaccord Genuity Group currently has a buy rating on the stock.

A number of other equities research analysts have also issued reports on CLNN. HC Wainwright reissued a “buy” rating and issued a $31.00 target price on shares of Clene in a research report on Thursday. EF Hutton Acquisition Co. I upgraded shares of Clene to a “strong-buy” rating in a report on Tuesday, September 10th.

Clene Price Performance

CLNN stock opened at $4.53 on Thursday. The stock has a 50-day moving average price of $5.43 and a two-hundred day moving average price of $6.01. Clene has a 1 year low of $3.82 and a 1 year high of $12.00. The stock has a market cap of $31.06 million, a PE ratio of -0.86 and a beta of 0.42. The company has a current ratio of 0.99, a quick ratio of 0.99 and a debt-to-equity ratio of 1.66.

Insider Buying and Selling

In other news, 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, for a total transaction of $97,432.00. Following the completion of the acquisition, the insider now owns 28,949 shares in the company, valued at approximately $137,507.75. This represents a 243.12 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director David J. Matlin purchased 92,307 shares of the business’s stock in a transaction on Monday, September 30th. The stock was purchased at an average price of $4.75 per share, with a total value of $438,458.25. Following the purchase, 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 disclosure for this purchase can be found here. 25.10% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A hedge fund recently bought a new stake in Clene stock. Castleview Partners LLC purchased a new position in shares of Clene Inc. (NASDAQ:CLNN) during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 12,783 shares of the company’s stock, valued at approximately $59,000. Castleview Partners LLC owned about 0.19% of Clene as of its most recent SEC filing. Institutional investors own 23.28% of the company’s stock.

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.