Clene (NASDAQ:CLNN) Raised to Strong-Buy at EF Hutton Acquisition Co. I

EF Hutton Acquisition Co. I upgraded shares of Clene (NASDAQ:CLNN) to a strong-buy rating in a research report sent to investors on Tuesday, Zacks.com reports.

Several other research firms also recently commented on CLNN. Benchmark reiterated a buy rating and issued a $100.00 price target on shares of Clene in a research report on Thursday, May 23rd. Canaccord Genuity Group reaffirmed a buy rating and issued a $94.00 target price on shares of Clene in a report on Tuesday, August 6th. Finally, HC Wainwright raised their price target on Clene from $7.00 to $31.00 and gave the stock a buy rating in a report on Friday, August 9th.

Clene Price Performance

Shares of NASDAQ CLNN opened at $6.74 on Tuesday. The stock’s 50-day simple moving average is $5.22 and its 200-day simple moving average is $6.82. The firm has a market capitalization of $43.61 million, a PE ratio of -0.73 and a beta of 0.49. Clene has a fifty-two week low of $3.82 and a fifty-two week high of $13.20. The company has a debt-to-equity ratio of 1.66, a quick ratio of 0.99 and a current ratio of 0.99.

Clene (NASDAQ:CLNN) last issued its quarterly earnings data on Wednesday, August 7th. The company reported ($1.06) earnings per share for the quarter, topping 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 business had revenue of $0.09 million during the quarter, compared to the consensus estimate of $0.10 million. As a group, equities research analysts forecast that Clene will post -5.26 EPS for the current fiscal year.

Institutional Investors Weigh In On Clene

An institutional investor recently raised its position in Clene stock. Csenge Advisory Group increased its holdings in Clene Inc. (NASDAQ:CLNN) by 131.2% during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 269,600 shares of the company’s stock after buying an additional 153,000 shares during the period. Csenge Advisory Group owned about 0.21% of Clene worth $96,000 as of its most recent SEC filing. 23.28% of the stock is owned by institutional investors and hedge funds.

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.