Clene Inc. (NASDAQ:CLNN) Receives $40.00 Average Target Price from Analysts

Shares of Clene Inc. (NASDAQ:CLNN) have earned an average rating of “Buy” from the six ratings firms that are currently covering the firm, Marketbeat.com reports. Five equities research analysts have rated the stock with a buy recommendation and one has given a strong buy recommendation to the company. The average 1 year target price among brokers that have updated their coverage on the stock in the last year is $40.00.

Several research firms have recently issued reports on CLNN. D. Boral Capital restated a “buy” rating and set a $23.00 target price on shares of Clene in a research report on Thursday, May 8th. Jones Trading began coverage on Clene in a research report on Wednesday, April 23rd. They set a “buy” rating and a $30.00 target price for the company. HC Wainwright restated a “buy” rating and set a $31.00 target price on shares of Clene in a research report on Tuesday, April 8th. Finally, Benchmark decreased their target price on Clene from $84.00 to $33.00 and set a “buy” rating for the company in a research report on Thursday, May 8th.

Clene Stock Performance

Shares of CLNN opened at $4.10 on Thursday. The firm’s 50 day moving average price is $3.10 and its 200 day moving average price is $3.99. The firm has a market cap of $36.83 million, a PE ratio of -0.78 and a beta of 0.49. Clene has a twelve month low of $2.28 and a twelve month high of $8.40.

Clene (NASDAQ:CLNN) last posted its earnings results on Wednesday, May 7th. The company reported ($0.50) earnings per share (EPS) for the quarter, topping the consensus estimate of ($1.10) by $0.60. The company had revenue of $0.08 million during the quarter, compared to analyst estimates of $0.07 million. Clene had a negative return on equity of 1,106.30% and a negative net margin of 8,556.77%. On average, sell-side analysts anticipate that Clene will post -5.19 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Clene

Several institutional investors and hedge funds have recently modified their holdings of the business. Penn Davis Mcfarland Inc. acquired a new position in shares of Clene in the 1st quarter valued at approximately $34,000. Fullcircle Wealth LLC bought a new stake in Clene in the 4th quarter valued at approximately $69,000. SBI Securities Co. Ltd. bought a new stake in Clene in the 4th quarter valued at approximately $69,000. Renaissance Technologies LLC bought a new stake in Clene in the 4th quarter valued at approximately $96,000. Finally, Geode Capital Management LLC lifted 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 in the last quarter. 23.28% of the stock is currently owned by institutional investors and hedge funds.

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.