Clene Inc. (NASDAQ:CLNN) Sees Significant Increase in Short Interest

Clene Inc. (NASDAQ:CLNN) was the target of a significant growth in short interest in September. As of September 15th, there was short interest totalling 149,400 shares, a growth of 8.7% from the August 31st total of 137,400 shares. Based on an average daily volume of 125,700 shares, the short-interest ratio is presently 1.2 days. Approximately 3.9% of the company’s stock are short sold.

Clene Stock Performance

Shares of CLNN stock traded down $0.09 during trading hours on Tuesday, reaching $4.50. The stock had a trading volume of 27,590 shares, compared to its average volume of 71,870. The company has a debt-to-equity ratio of 1.66, a current ratio of 0.99 and a quick ratio of 0.99. The firm has a 50-day simple moving average of $5.16 and a 200-day simple moving average of $6.53. The firm has a market capitalization of $29.12 million, a PE ratio of -0.50 and a beta of 0.49. Clene has a twelve month low of $3.82 and a twelve month high of $13.20.

Clene (NASDAQ:CLNN) last posted its earnings results on Wednesday, August 7th. The company reported ($1.06) EPS for the quarter, beating the consensus estimate of ($1.60) by $0.54. The firm had revenue of $0.09 million for the quarter, compared to analysts’ expectations of $0.10 million. Clene had a negative return on equity of 315.97% and a negative net margin of 6,890.50%. As a group, equities analysts forecast that Clene will post -5.26 earnings per share for the current year.

Institutional Inflows and Outflows

An institutional investor recently raised its position in Clene stock. Csenge Advisory Group boosted its holdings in shares of Clene Inc. (NASDAQ:CLNN) by 131.2% during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 269,600 shares of the company’s stock after acquiring an additional 153,000 shares during the quarter. Csenge Advisory Group owned approximately 0.21% of Clene worth $96,000 at the end of the most recent reporting period. Institutional investors and hedge funds own 23.28% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have issued reports on CLNN shares. EF Hutton Acquisition Co. I upgraded Clene to a “strong-buy” rating in a research note on Tuesday, September 10th. HC Wainwright restated a “buy” rating and set a $31.00 price objective on shares of Clene in a research note on Monday, September 16th. Finally, Canaccord Genuity Group reiterated a “buy” rating and set a $94.00 target price on shares of Clene in a research note on Tuesday, August 6th.

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.