Clene Inc. (NASDAQ:CLNN) Sees Significant Growth in Short Interest

Clene Inc. (NASDAQ:CLNN) was the target of a significant increase in short interest during the month of July. As of July 31st, there was short interest totalling 19,600 shares, an increase of 16.7% from the July 15th total of 16,800 shares. Based on an average daily volume of 102,800 shares, the short-interest ratio is currently 0.2 days. Approximately 0.5% of the shares of the company are short sold.

Institutional Investors Weigh In On Clene

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

Clene Price Performance

NASDAQ CLNN traded up $0.27 during trading hours on Friday, hitting $5.15. The company had a trading volume of 60,437 shares, compared to its average volume of 252,712. 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 market capitalization of $33.07 million, a price-to-earnings ratio of -0.56 and a beta of 0.46. Clene has a 52 week low of $3.82 and a 52 week high of $15.57. The firm has a 50 day simple moving average of $5.91 and a 200 day simple moving average of $7.26.

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

Analyst Ratings Changes

Several research firms have recently weighed in on CLNN. HC Wainwright increased their price target on Clene from $7.00 to $31.00 and gave the stock a “buy” rating in a research note on Friday, August 9th. Benchmark reiterated a “buy” rating and set a $100.00 target price on shares of Clene in a research report on Thursday, May 23rd. Finally, Canaccord Genuity Group reissued a “buy” rating and issued a $94.00 price target on shares of Clene in a research report on Tuesday, August 6th.

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.