Canaccord Genuity Group Cuts Clene (NASDAQ:CLNN) Price Target to $83.00

Clene (NASDAQ:CLNN) had its price objective lowered by Canaccord Genuity Group from $86.00 to $83.00 in a report published on Thursday,Benzinga reports. The firm currently has a buy rating on the stock.

A number of other brokerages have also commented on CLNN. HC Wainwright reissued a “buy” rating and set a $31.00 price objective on shares of Clene in a report on Thursday. EF Hutton Acquisition Co. I raised shares of Clene to a “strong-buy” rating in a report on Tuesday, September 10th.

Clene Price Performance

Clene stock opened at $4.53 on Thursday. The business’s fifty day moving average is $5.43 and its two-hundred day moving average is $6.01. 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 cap of $31.06 million, a P/E ratio of -0.86 and a beta of 0.42. Clene has a 52 week low of $3.82 and a 52 week high of $12.00.

Insider Buying and Selling at Clene

In related news, insider Mark Mortenson purchased 20,512 shares of the business’s stock in a transaction dated Monday, September 30th. The shares were bought at an average price of $4.75 per share, with a total value of $97,432.00. Following the purchase, the insider now directly owns 28,949 shares in the company, valued at $137,507.75. This trade represents a 243.12 % increase in their position. The acquisition was disclosed in a filing with the SEC, which is available at this link. Also, Director David J. Matlin acquired 92,307 shares of the firm’s stock in a transaction that occurred on Monday, September 30th. The shares were bought 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 of the company’s stock, valued at $2,111,332.25. This trade represents a 26.21 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Corporate insiders own 25.10% of the company’s stock.

Hedge Funds Weigh In On Clene

An institutional investor recently raised its position in Clene stock. Csenge Advisory Group lifted its position in Clene Inc. (NASDAQ:CLNN) by 131.2% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm 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 quarter. Institutional investors own 23.28% of the company’s stock.

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.