Short Interest in Clene Inc. (NASDAQ:CLNN) Increases By 17.9%

Clene Inc. (NASDAQ:CLNN) was the target of a large growth in short interest during the month of September. As of September 30th, there was short interest totalling 176,200 shares, a growth of 17.9% from the September 15th total of 149,400 shares. Approximately 4.0% of the shares of the company are sold short. Based on an average daily trading volume, of 135,100 shares, the days-to-cover ratio is presently 1.3 days.

Clene Price Performance

Shares of NASDAQ CLNN traded down $0.18 during midday trading on Wednesday, reaching $5.67. 37,421 shares of the company traded hands, compared to its average volume of 72,488. The stock’s 50-day simple moving average is $5.33 and its 200-day simple moving average is $6.29. The company has a debt-to-equity ratio of 1.66, a quick ratio of 0.99 and a current ratio of 0.99. Clene has a 12 month low of $3.82 and a 12 month high of $12.00. The firm has a market cap of $36.41 million, a PE ratio of -0.62 and a beta of 0.48.

Clene (NASDAQ:CLNN) last posted its quarterly earnings data on Wednesday, August 7th. The company reported ($1.06) earnings per share for the quarter, topping the consensus estimate of ($1.60) by $0.54. The company had revenue of $0.09 million during the quarter, compared to analyst estimates of $0.10 million. Clene had a negative net margin of 6,890.50% and a negative return on equity of 315.97%. As a group, equities analysts anticipate that Clene will post -5.26 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several brokerages recently commented on CLNN. Canaccord Genuity Group reduced their target price on Clene from $94.00 to $86.00 and set a “buy” rating for the company in a research report on Friday, October 4th. EF Hutton Acquisition Co. I upgraded shares of Clene to a “strong-buy” rating in a research report on Tuesday, September 10th. Finally, HC Wainwright reissued a “buy” rating and issued a $31.00 target price on shares of Clene in a research note on Monday, September 16th.

Insider Transactions at Clene

In other Clene news, insider Mark Mortenson acquired 20,512 shares of Clene stock in a transaction dated Monday, September 30th. The stock was bought at an average cost 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 of the company’s stock, valued at $137,507.75. The trade was a 200.00 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, Director David J. Matlin purchased 92,307 shares of the business’s stock in a transaction on Monday, September 30th. The stock was purchased at an average price of $4.75 per share, with a total value of $438,458.25. Following the acquisition, the director now directly owns 444,491 shares in the company, valued at approximately $2,111,332.25. The trade was a 0.00 % increase in their position. The purchase was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Mark Mortenson acquired 20,512 shares of Clene stock in a transaction on Monday, September 30th. The stock was purchased at an average price of $4.75 per share, with a total value of $97,432.00. Following the transaction, the insider now directly owns 28,949 shares in the company, valued at approximately $137,507.75. This trade 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 corporate insiders.

Hedge Funds Weigh In On Clene

An institutional investor recently raised its position in Clene stock. Csenge Advisory Group lifted its position in shares of Clene Inc. (NASDAQ:CLNN) by 131.2% in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 269,600 shares of the company’s stock after acquiring an additional 153,000 shares during the quarter. Csenge Advisory Group owned approximately 0.21% of Clene worth $96,000 at the end of the most recent reporting period. 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.