Clene Inc. (NASDAQ:CLNN) Short Interest Update

Clene Inc. (NASDAQ:CLNN) saw a significant drop in short interest in the month of August. As of August 31st, there was short interest totalling 137,400 shares, a drop of 13.1% from the August 15th total of 158,100 shares. Currently, 3.6% of the shares of the stock are sold short. Based on an average trading volume of 117,300 shares, the days-to-cover ratio is presently 1.2 days.

Analyst Upgrades and Downgrades

CLNN has been the subject of a number of analyst reports. Benchmark restated a “buy” rating and issued a $100.00 price objective on shares of Clene in a research report on Thursday, May 23rd. Canaccord Genuity Group reiterated a “buy” rating and set a $94.00 target price on shares of Clene in a research report on Tuesday, August 6th. HC Wainwright reiterated a “buy” rating and set a $31.00 target price on shares of Clene in a research report on Monday. Finally, EF Hutton Acquisition Co. I upgraded shares of Clene to a “strong-buy” rating in a research report on Tuesday, September 10th.

Clene Stock Performance

NASDAQ CLNN traded down $0.27 on Wednesday, reaching $5.02. 101,920 shares of the company’s stock traded hands, compared to its average volume of 72,412. The company has a quick ratio of 0.99, a current ratio of 0.99 and a debt-to-equity ratio of 1.66. Clene has a 12 month low of $3.82 and a 12 month high of $13.20. The stock has a 50-day simple moving average of $5.19 and a 200 day simple moving average of $6.76.

Clene (NASDAQ:CLNN) last released 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. Clene had a negative net margin of 6,890.50% and a negative return on equity of 315.97%. The company had revenue of $0.09 million for the quarter, compared to analyst estimates of $0.10 million. On average, research analysts anticipate that Clene will post -5.26 EPS for the current fiscal year.

Institutional Trading of Clene

An institutional investor recently raised its position in Clene stock. Csenge Advisory Group grew its stake in Clene Inc. (NASDAQ:CLNN) by 131.2% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 269,600 shares of the company’s stock after purchasing an additional 153,000 shares during the quarter. Csenge Advisory Group owned about 0.21% of Clene worth $96,000 at the end of the most recent quarter. Hedge funds and other 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.