Clene Inc. (NASDAQ:CLNN) Sees Large Growth in Short Interest

Clene Inc. (NASDAQ:CLNN) saw a significant growth in short interest in the month of 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. Currently, 3.9% of the company’s shares are short sold.

Clene Stock Performance

Clene stock traded down $0.03 during mid-day trading on Tuesday, hitting $4.56. The company’s stock had a trading volume of 25,115 shares, compared to its average volume of 71,804. Clene has a 52-week low of $3.82 and a 52-week high of $13.20. The company has a quick ratio of 0.99, a current ratio of 0.99 and a debt-to-equity ratio of 1.66. The firm’s 50 day moving average is $5.16 and its 200 day moving average is $6.53.

Clene (NASDAQ:CLNN) last posted its quarterly earnings results on Wednesday, August 7th. The company reported ($1.06) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($1.60) by $0.54. The business had revenue of $0.09 million during the quarter, compared to analyst estimates of $0.10 million. Clene had a negative net margin of 6,890.50% and a negative return on equity of 315.97%. Analysts anticipate that Clene will post -5.26 EPS for the current year.

Hedge Funds Weigh In On Clene

A hedge fund recently raised its stake 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.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on CLNN shares. EF Hutton Acquisition Co. I upgraded Clene to a “strong-buy” rating in a research report on Tuesday, September 10th. Canaccord Genuity Group reissued a “buy” rating and issued a $94.00 target price on shares of Clene in a research report on Tuesday, August 6th. Finally, HC Wainwright restated a “buy” rating and issued a $31.00 price target on shares of Clene in a research report on Monday, September 16th.

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.