Clene (NASDAQ:CLNN) PT Lowered to $86.00 at Canaccord Genuity Group

Clene (NASDAQ:CLNN) had its target price decreased by Canaccord Genuity Group from $94.00 to $86.00 in a research note published on Friday morning, Benzinga reports. Canaccord Genuity Group currently has a buy rating on the stock.

A number of other analysts also recently issued reports on CLNN. EF Hutton Acquisition Co. I raised shares of Clene to a strong-buy rating in a report on Tuesday, September 10th. HC Wainwright reiterated a buy rating and issued a $31.00 price target on shares of Clene in a research note on Monday, September 16th.

Clene Price Performance

Shares of NASDAQ CLNN opened at $5.30 on Friday. The firm has a market cap of $36.36 million, a P/E ratio of -0.58 and a beta of 0.48. The business’s 50 day moving average is $5.19 and its 200-day moving average is $6.45. The company has a current ratio of 0.99, a quick ratio of 0.99 and a debt-to-equity ratio of 1.66. Clene has a 1-year low of $3.82 and a 1-year high of $13.20.

Clene (NASDAQ:CLNN) last posted 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. The firm had revenue of $0.09 million for the quarter, compared to analysts’ expectations of $0.10 million. Clene had a negative return on equity of 315.97% and a negative net margin of 6,890.50%. Equities research analysts predict that Clene will post -5.26 earnings per share for the current year.

Insider Buying and Selling

In other news, Director David J. Matlin bought 92,307 shares of the firm’s stock in a transaction on Monday, September 30th. The shares were purchased at an average cost of $4.75 per share, with a total value of $438,458.25. Following the acquisition, the director now directly owns 444,491 shares in the company, valued at $2,111,332.25. This represents a 0.00 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Clene news, insider Mark Mortenson bought 20,512 shares of Clene stock in a transaction on Monday, September 30th. The shares were purchased at an average price of $4.75 per share, with a total value of $97,432.00. Following the acquisition, the insider now owns 28,949 shares in the company, valued at $137,507.75. This trade represents a 200.00 % increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director David J. Matlin purchased 92,307 shares of the firm’s stock in a transaction dated Monday, September 30th. The stock was acquired at an average price of $4.75 per share, for a total transaction of $438,458.25. Following the purchase, the director now owns 444,491 shares in the company, valued at approximately $2,111,332.25. The trade was a 0.00 % increase in their position. The disclosure for this purchase can be found here. 25.10% of the stock is currently owned by company insiders.

Institutional Trading of Clene

A hedge fund recently raised its stake in Clene stock. Csenge Advisory Group raised its stake in Clene Inc. (NASDAQ:CLNN) by 131.2% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund 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 as of its most recent SEC filing. 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.