Clene’s (CLNN) “Buy” Rating Reiterated at HC Wainwright

HC Wainwright reissued their buy rating on shares of Clene (NASDAQ:CLNN) in a research note published on Thursday morning, Benzinga reports. HC Wainwright currently has a $31.00 target price on the stock.

A number of other analysts also recently weighed in on CLNN. EF Hutton Acquisition Co. I upgraded shares of Clene to a “strong-buy” rating in a report on Tuesday, September 10th. Canaccord Genuity Group reduced their price objective on Clene from $94.00 to $86.00 and set a “buy” rating on the stock in a research note on Friday, October 4th.

Clene Price Performance

Clene stock traded up $0.33 during midday trading on Thursday, reaching $5.60. 21,641 shares of the stock traded hands, compared to its average volume of 71,603. The stock has a market cap of $38.42 million, a P/E ratio of -1.26 and a beta of 0.48. The stock’s fifty day moving average is $5.42 and its 200-day moving average is $6.19. The company has a quick ratio of 0.99, a current 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 $12.00.

Clene (NASDAQ:CLNN) last posted its earnings results on Wednesday, August 7th. The company reported ($1.06) EPS for the quarter, beating 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 during the quarter, compared to the consensus estimate of $0.10 million. As a group, equities research analysts anticipate that Clene will post -5.26 EPS for the current year.

Insider Activity

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

Hedge Funds Weigh In On Clene

A hedge fund recently bought a new stake in Clene stock. Castleview Partners LLC acquired a new position in Clene Inc. (NASDAQ:CLNN) during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 12,783 shares of the company’s stock, valued at approximately $59,000. Castleview Partners LLC owned approximately 0.19% of Clene as of its most recent SEC filing. 23.28% of the stock is owned by institutional investors.

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.