Short Interest in Clene Inc. (NASDAQ:CLNN) Declines By 28.4%

Clene Inc. (NASDAQ:CLNN) saw a large decline in short interest during the month of August. As of August 31st, there was short interest totalling 410,400 shares, a decline of 28.4% from the August 15th total of 572,800 shares. Based on an average trading volume of 583,800 shares, the short-interest ratio is presently 0.7 days.

Clene Stock Performance

Shares of NASDAQ:CLNN opened at $0.54 on Friday. Clene has a 1 year low of $0.52 and a 1 year high of $3.23. The company has a debt-to-equity ratio of 1.20, a current ratio of 9.31 and a quick ratio of 9.30. The stock has a market capitalization of $69.34 million, a price-to-earnings ratio of -0.89 and a beta of 0.33. The company’s 50 day simple moving average is $0.72 and its 200 day simple moving average is $0.92.

Clene (NASDAQ:CLNN) last issued its quarterly earnings results on Monday, August 14th. The company reported ($0.12) EPS for the quarter, topping analysts’ consensus estimates of ($0.13) by $0.01. The company had revenue of $0.27 million for the quarter, compared to analyst estimates of $0.13 million. Clene had a negative net margin of 6,242.73% and a negative return on equity of 1,234.32%. As a group, research analysts predict that Clene will post -0.59 EPS for the current fiscal year.

Insider Buying and Selling at Clene

In other Clene news, Director John Henry Stevens bought 316,455 shares of the company’s stock in a transaction on Monday, June 26th. The stock was bought at an average price of $0.80 per share, for a total transaction of $253,164.00. Following the transaction, the director now owns 800,204 shares of the company’s stock, valued at approximately $640,163.20. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Corporate insiders own 26.60% of the company’s stock.

Institutional Investors Weigh In On Clene

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Charles Schwab Investment Management Inc. bought a new stake in shares of Clene during the first quarter worth about $29,000. Cubist Systematic Strategies LLC bought a new stake in shares of Clene during the second quarter worth about $29,000. AE Wealth Management LLC bought a new stake in shares of Clene during the second quarter worth about $49,000. Impact Partnership Wealth LLC bought a new stake in shares of Clene during the second quarter worth about $49,000. Finally, UBS Group AG increased its position in shares of Clene by 113.0% during the second quarter. UBS Group AG now owns 22,411 shares of the company’s stock worth $56,000 after acquiring an additional 11,887 shares in the last quarter. 3.87% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research firms recently commented on CLNN. HC Wainwright restated a “buy” rating and issued a $7.00 price objective on shares of Clene in a research report on Tuesday, August 29th. Benchmark lowered their price objective on shares of Clene from $7.00 to $5.00 and set a “buy” rating for the company in a research report on Friday, June 30th. Roth Mkm reiterated a “buy” rating and set a $10.00 target price on shares of Clene in a report on Tuesday, August 29th. Finally, Cantor Fitzgerald reiterated an “overweight” rating and set a $4.00 target price on shares of Clene in a report on Wednesday, August 16th. One investment analyst has rated the stock with a hold rating and six have assigned a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $7.50.

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 is CNM-Au8, which is being studied in various clinical trials, including a Phase 2/3 registrational clinical trial for 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.