Short Interest in Clene Inc. (NASDAQ:CLNN) Grows By 10.6%

Clene Inc. (NASDAQ:CLNN) was the recipient of a significant growth in short interest in October. As of October 31st, there was short interest totalling 127,300 shares, a growth of 10.6% from the October 15th total of 115,100 shares. Approximately 2.9% of the shares of the company are sold short. Based on an average trading volume of 70,900 shares, the days-to-cover ratio is presently 1.8 days.

Wall Street Analysts Forecast Growth

CLNN has been the topic of a number of analyst reports. Canaccord Genuity Group reduced their price objective on shares of Clene from $86.00 to $83.00 and set a “buy” rating on the stock in a research note on Thursday. HC Wainwright reiterated a “buy” rating and issued a $31.00 price objective on shares of Clene in a report on Thursday. Finally, EF Hutton Acquisition Co. I upgraded shares of Clene to a “strong-buy” rating in a report on Tuesday, September 10th.

Clene Trading Down 2.9 %

Shares of CLNN stock traded down $0.13 during trading hours on Monday, hitting $4.40. 47,190 shares of the company were exchanged, compared to its average volume of 70,693. The firm has a market cap of $36.78 million, a P/E ratio of -0.83 and a beta of 0.42. Clene has a fifty-two week low of $3.82 and a fifty-two week high of $12.00. The company has a debt-to-equity ratio of 1.66, a quick ratio of 0.99 and a current ratio of 0.83. The company has a 50 day simple moving average of $5.40 and a two-hundred day simple moving average of $5.96.

Insiders Place Their Bets

In other Clene news, Director David J. Matlin purchased 92,307 shares of the firm’s stock in a transaction that occurred on Monday, September 30th. The shares were acquired at an average cost of $4.75 per share, for a total transaction of $438,458.25. Following the completion of the purchase, the director now owns 444,491 shares of the company’s stock, valued at approximately $2,111,332.25. The trade was a 26.21 % increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Mark Mortenson purchased 20,512 shares of the firm’s stock in a transaction that occurred on Monday, September 30th. The stock was acquired at an average price of $4.75 per share, for a total transaction of $97,432.00. Following the completion of the purchase, the insider now directly owns 28,949 shares of the company’s stock, valued at $137,507.75. This represents a 243.12 % increase in their position. The disclosure for this purchase can be found here. Insiders own 25.10% of the company’s stock.

Institutional Trading of Clene

An institutional investor recently raised its position in Clene stock. Csenge Advisory Group lifted its stake in shares of Clene Inc. (NASDAQ:CLNN) by 131.2% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 269,600 shares of the company’s stock after buying an additional 153,000 shares during the quarter. Csenge Advisory Group owned about 0.21% of Clene worth $96,000 as of its most recent filing with the Securities & Exchange Commission. Hedge funds and other institutional investors own 23.28% of the company’s stock.

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.