Short Interest in Clene Inc. (NASDAQ:CLNN) Decreases By 24.8%

Clene Inc. (NASDAQ:CLNN) was the recipient of a large drop in short interest during the month of March. As of March 15th, there was short interest totalling 86,500 shares, a drop of 24.8% from the February 28th total of 115,100 shares. Based on an average trading volume of 55,200 shares, the days-to-cover ratio is currently 1.6 days. Approximately 1.6% of the company’s shares are sold short.

Institutional Investors Weigh In On Clene

Several hedge funds have recently modified their holdings of CLNN. Geode Capital Management LLC increased its holdings in Clene by 52.9% during the fourth quarter. Geode Capital Management LLC now owns 65,112 shares of the company’s stock valued at $346,000 after buying an additional 22,539 shares during the period. Parsons Capital Management Inc. RI purchased a new position in shares of Clene in the 4th quarter worth approximately $194,000. Renaissance Technologies LLC purchased a new stake in Clene in the fourth quarter valued at about $96,000. SBI Securities Co. Ltd. acquired a new position in shares of Clene during the fourth quarter valued at about $69,000. Finally, Fullcircle Wealth LLC acquired a new position in Clene during the 4th quarter valued at approximately $69,000. Hedge funds and other institutional investors own 23.28% of the company’s stock.

Clene Stock Performance

CLNN traded down $0.15 during trading on Monday, hitting $3.07. 27,133 shares of the stock were exchanged, compared to its average volume of 78,035. The firm has a 50 day simple moving average of $4.43 and a 200 day simple moving average of $4.84. The firm has a market cap of $26.36 million, a price-to-earnings ratio of -0.58 and a beta of 0.27. Clene has a 1 year low of $3.05 and a 1 year high of $9.20.

Clene (NASDAQ:CLNN) last announced its quarterly earnings results on Monday, March 24th. The company reported ($1.67) EPS for the quarter, missing the consensus estimate of ($1.21) by ($0.46). Clene had a negative net margin of 8,556.77% and a negative return on equity of 1,106.30%. The firm had revenue of $0.09 million for the quarter, compared to analysts’ expectations of $0.13 million. As a group, equities analysts anticipate that Clene will post -5.19 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on CLNN shares. HC Wainwright reiterated a “buy” rating and set a $31.00 price target on shares of Clene in a report on Monday, March 24th. D. Boral Capital reaffirmed a “buy” rating and set a $23.00 target price on shares of Clene in a research note on Monday, March 24th. Four analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Buy” and an average price target of $55.25.

Clene Company Profile

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.