Benchmark Lowers Clene (NASDAQ:CLNN) Price Target to $31.00

Clene (NASDAQ:CLNN) had its price objective lowered by Benchmark from $33.00 to $31.00 in a report released on Wednesday,Benzinga reports. The firm currently has a “buy” rating on the stock. Benchmark’s price target indicates a potential upside of 401.62% from the stock’s current price.

Several other analysts have also commented on CLNN. Wall Street Zen lowered shares of Clene from a “hold” rating to a “strong sell” rating in a report on Saturday, August 16th. D. Boral Capital restated a “buy” rating and issued a $23.00 price objective on shares of Clene in a report on Thursday, August 21st. Finally, Canaccord Genuity Group lowered their target price on shares of Clene from $83.00 to $48.00 and set a “buy” rating for the company in a report on Monday, August 18th. Five investment analysts have rated the stock with a Buy rating, Based on data from MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus target price of $32.60.

Clene Price Performance

Shares of CLNN opened at $6.18 on Wednesday. Clene has a one year low of $2.28 and a one year high of $7.10. The company has a 50-day simple moving average of $4.44 and a two-hundred day simple moving average of $3.83. The firm has a market capitalization of $61.99 million, a PE ratio of -1.64 and a beta of 0.58.

Clene (NASDAQ:CLNN) last issued its quarterly earnings data on Thursday, August 14th. The company reported ($0.78) EPS for the quarter, missing the consensus estimate of ($0.49) by ($0.29). The business had revenue of $0.03 million for the quarter, compared to analyst estimates of $0.06 million. Analysts expect that Clene will post -5.19 EPS for the current fiscal year.

Institutional Investors Weigh In On Clene

Several institutional investors and hedge funds have recently made changes to their positions in CLNN. Penn Davis Mcfarland Inc. bought a new stake in shares of Clene during the first quarter valued at approximately $34,000. Jane Street Group LLC bought a new stake in shares of Clene during the second quarter valued at approximately $47,000. Lunt Capital Management Inc. increased its position in shares of Clene by 71.2% during the second quarter. Lunt Capital Management Inc. now owns 51,010 shares of the company’s stock valued at $199,000 after acquiring an additional 21,217 shares in the last quarter. Finally, Scoggin Management LP increased its position in shares of Clene by 42.8% during the second quarter. Scoggin Management LP now owns 142,750 shares of the company’s stock valued at $558,000 after acquiring an additional 42,750 shares in the last quarter. Institutional investors own 23.28% of the company’s stock.

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.