Canaccord Genuity Group Lowers Clene (NASDAQ:CLNN) Price Target to $86.00

Clene (NASDAQ:CLNN) had its target price lowered by stock analysts at Canaccord Genuity Group from $94.00 to $86.00 in a report released on Friday, Benzinga reports. The firm presently has a “buy” rating on the stock.

CLNN has been the subject of several other reports. HC Wainwright reiterated a “buy” rating and set a $31.00 price objective on shares of Clene in a research report on Monday, September 16th. EF Hutton Acquisition Co. I raised shares of Clene to a “strong-buy” rating in a research report on Tuesday, September 10th.

Clene Trading Up 7.1 %

NASDAQ CLNN opened at $5.30 on Friday. The firm has a market capitalization of $36.36 million, a PE ratio of -0.58 and a beta of 0.48. The business’s 50-day moving average price is $5.19 and its two-hundred day moving average price is $6.46. 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 12 month low of $3.82 and a 12 month high of $13.20.

Clene (NASDAQ:CLNN) last announced its earnings results on Wednesday, August 7th. The company reported ($1.06) EPS for the quarter, beating the consensus estimate 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 business had revenue of $0.09 million for the quarter, compared to analysts’ expectations of $0.10 million. On average, analysts expect that Clene will post -5.26 EPS for the current year.

Insider Activity

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

Institutional Trading of Clene

An institutional investor recently raised its position in Clene stock. Csenge Advisory Group lifted its position in shares of Clene Inc. (NASDAQ:CLNN) by 131.2% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 269,600 shares of the company’s stock after purchasing an additional 153,000 shares during the period. Csenge Advisory Group owned 0.21% of Clene worth $96,000 at the end of the most recent quarter. 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.