Lunt Capital Management Inc. Sells 561,323 Shares of Clene Inc. (NASDAQ:CLNN)

Lunt Capital Management Inc. reduced its position in shares of Clene Inc. (NASDAQ:CLNN) by 95.0% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 29,540 shares of the company’s stock after selling 561,323 shares during the quarter. Lunt Capital Management Inc.’s holdings in Clene were worth $136,000 as of its most recent filing with the Securities and Exchange Commission.

Separately, Castleview Partners LLC acquired a new stake in shares of Clene during the 3rd quarter worth approximately $59,000. Institutional investors and hedge funds own 23.28% of the company’s stock.

Insider Transactions at Clene

In other Clene news, insider Mark Mortenson bought 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, with a total value of $97,432.00. Following the completion of the transaction, 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 acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, Director David J. Matlin acquired 92,307 shares of the company’s stock in a transaction dated Monday, September 30th. The shares were bought at an average price of $4.75 per share, for a total transaction of $438,458.25. Following the purchase, the director now directly owns 444,491 shares in the company, valued at approximately $2,111,332.25. This trade represents a 0.00 % increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Mark Mortenson bought 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 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 200.00 % increase in their position. The disclosure for this purchase can be found here. 25.10% of the stock is currently owned by insiders.

Clene Stock Performance

CLNN opened at $5.35 on Monday. The company has a debt-to-equity ratio of 1.66, a current ratio of 0.99 and a quick ratio of 0.99. The business’s 50-day moving average price is $5.42 and its two-hundred day moving average price is $6.15. Clene Inc. has a 1 year low of $3.82 and a 1 year high of $12.00.

Clene (NASDAQ:CLNN) last announced its earnings results on Wednesday, August 7th. The company reported ($1.06) earnings per share (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 business had revenue of $0.09 million for the quarter, compared to analyst estimates of $0.10 million. On average, equities research analysts anticipate that Clene Inc. will post -5.26 earnings per share for the current year.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on the stock. EF Hutton Acquisition Co. I upgraded shares of Clene to a “strong-buy” rating in a report on Tuesday, September 10th. Canaccord Genuity Group decreased their price objective on Clene from $94.00 to $86.00 and set a “buy” rating for the company in a research note on Friday, October 4th. Finally, HC Wainwright reiterated a “buy” rating and issued a $31.00 price objective on shares of Clene in a report on Thursday.

Clene 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.