HC Wainwright Reaffirms Buy Rating for Clene (NASDAQ:CLNN)

HC Wainwright reiterated their buy rating on shares of Clene (NASDAQ:CLNN) in a research report released on Thursday morning,Benzinga reports. HC Wainwright currently has a $31.00 target price on the stock.

Several other brokerages have also weighed in on CLNN. Canaccord Genuity Group cut their price objective on shares of Clene from $94.00 to $86.00 and set a “buy” rating on the stock in a research report on Friday, October 4th. EF Hutton Acquisition Co. I upgraded shares of Clene to a “strong-buy” rating in a report on Tuesday, September 10th.

Clene Stock Performance

Shares of CLNN stock opened at $4.53 on Thursday. Clene has a fifty-two week low of $3.82 and a fifty-two week high of $12.00. The stock’s 50-day moving average is $5.43 and its two-hundred day moving average is $5.99. The company has a debt-to-equity ratio of 1.66, a current ratio of 0.83 and a quick ratio of 0.99. The firm has a market cap of $37.87 million, a P/E ratio of -0.86 and a beta of 0.42.

Insiders Place Their Bets

In other news, insider Mark Mortenson bought 20,512 shares of the business’s stock in a transaction on Monday, September 30th. The stock was purchased at an average price of $4.75 per share, with a total value of $97,432.00. Following the transaction, the insider now directly owns 28,949 shares in the company, valued at approximately $137,507.75. The trade was a 243.12 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director David J. Matlin bought 92,307 shares of the firm’s stock in a transaction that occurred on Monday, September 30th. The shares were acquired at an average price of $4.75 per share, with a total value of $438,458.25. Following the purchase, the director now owns 444,491 shares in the company, valued at $2,111,332.25. This trade represents a 26.21 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Company insiders own 25.10% of the company’s stock.

Hedge Funds Weigh In On Clene

A hedge fund recently bought a new stake in Clene stock. Castleview Partners LLC acquired a new stake in shares of Clene Inc. (NASDAQ:CLNN) in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 12,783 shares of the company’s stock, valued at approximately $59,000. Castleview Partners LLC owned about 0.19% of Clene as of its most recent filing with the Securities & Exchange Commission. 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.