Clene Inc. (NASDAQ:CLNN) Receives $32.60 Consensus Price Target from Analysts

Clene Inc. (NASDAQ:CLNN) has been given an average recommendation of “Moderate Buy” by the six ratings firms that are presently covering the stock, MarketBeat Ratings reports. One equities research analyst has rated the stock with a sell rating and five have issued a buy rating on the company. The average 12 month target price among brokerages that have covered the stock in the last year is $32.60.

CLNN has been the topic of a number of research analyst reports. Canaccord Genuity Group reduced their price objective on shares of Clene from $83.00 to $48.00 and set a “buy” rating on the stock in a research note on Monday, August 18th. Benchmark dropped their target price on shares of Clene from $33.00 to $31.00 and set a “buy” rating on the stock in a report on Wednesday, September 10th. D. Boral Capital reissued a “buy” rating and set a $23.00 target price on shares of Clene in a report on Thursday, September 25th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Clene in a report on Tuesday. Finally, Wall Street Zen cut shares of Clene from a “hold” rating to a “strong sell” rating in a report on Saturday, August 16th.

Institutional Trading of Clene

Large investors have recently modified their holdings of the company. Penn Davis Mcfarland Inc. acquired a new stake in shares of Clene in the 1st quarter worth about $34,000. Jane Street Group LLC acquired a new stake in shares of Clene in the 2nd quarter worth about $47,000. Lunt Capital Management Inc. increased its holdings in shares of Clene by 71.2% in the 2nd quarter. Lunt Capital Management Inc. now owns 51,010 shares of the company’s stock worth $199,000 after acquiring an additional 21,217 shares during the period. Finally, Scoggin Management LP increased its holdings in shares of Clene by 42.8% in the 2nd quarter. Scoggin Management LP now owns 142,750 shares of the company’s stock worth $558,000 after acquiring an additional 42,750 shares during the period. Institutional investors and hedge funds own 23.28% of the company’s stock.

Clene Price Performance

NASDAQ CLNN opened at $8.50 on Wednesday. Clene has a 12 month low of $2.28 and a 12 month high of $11.06. The company has a market capitalization of $85.60 million, a price-to-earnings ratio of -2.26 and a beta of 0.62. The company’s fifty day moving average price is $6.40 and its two-hundred day moving average price is $4.44.

Clene (NASDAQ:CLNN) last posted its quarterly earnings data on Thursday, August 14th. The company reported ($0.78) EPS for the quarter, missing analysts’ consensus estimates of ($0.49) by ($0.29). The business had revenue of $0.03 million for the quarter, compared to analysts’ expectations of $0.06 million. As a group, analysts anticipate that Clene will post -5.19 EPS for the current year.

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.