Clene Inc. (NASDAQ:CLNN) Short Interest Update

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

Hedge Funds Weigh In On Clene

A hedge fund recently raised its stake in Clene stock. Csenge Advisory Group boosted its holdings in Clene Inc. (NASDAQ:CLNN) by 131.2% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. 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 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.

Analyst Upgrades and Downgrades

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

Clene Stock Performance

Shares of CLNN traded down $0.27 during mid-day trading on Wednesday, reaching $5.02. The company had a trading volume of 101,920 shares, compared to its average volume of 72,412. The company has a debt-to-equity ratio of 1.66, a quick ratio of 0.99 and a current ratio of 0.99. The firm has a 50-day moving average price of $5.19 and a 200 day moving average price of $6.76. Clene has a 52 week low of $3.82 and a 52 week high of $13.20.

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

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.