Clene (NASDAQ:CLNN – Get Free Report) had its price objective dropped by investment analysts at Canaccord Genuity Group from $94.00 to $86.00 in a research report issued to clients and investors on Friday, Benzinga reports. The firm presently has a “buy” rating on the stock.
A number of other equities research analysts also recently issued reports on the stock. EF Hutton Acquisition Co. I raised shares of Clene to a “strong-buy” rating in a report on Tuesday, September 10th. HC Wainwright reissued a “buy” rating and issued a $31.00 price target on shares of Clene in a report on Monday, September 16th.
Get Our Latest Stock Report on CLNN
Clene Stock Up 2.6 %
Clene (NASDAQ:CLNN – Get Free Report) last issued its quarterly earnings results on Wednesday, August 7th. The company reported ($1.06) earnings per share for the quarter, topping analysts’ consensus estimates of ($1.60) by $0.54. The company had revenue of $0.09 million for the quarter, compared to the consensus estimate 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, sell-side analysts forecast that Clene will post -5.26 earnings per share for the current fiscal year.
Insider Buying and Selling
In other Clene news, insider Mark Mortenson purchased 20,512 shares of Clene stock in a transaction on Monday, September 30th. The shares were acquired at an average cost of $4.75 per share, for a total transaction of $97,432.00. Following the completion of the transaction, the insider now directly 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 purchase was disclosed in a filing with the SEC, which is available through this hyperlink. In related news, insider Mark Mortenson acquired 20,512 shares of the company’s stock in a transaction dated 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 completion of the purchase, the insider now owns 28,949 shares in the company, valued at $137,507.75. This trade represents a 200.00 % increase in their position. The acquisition was disclosed in a filing 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 dated 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 purchase, the director now owns 444,491 shares of the company’s stock, valued at approximately $2,111,332.25. This trade represents a 0.00 % increase in their position. The disclosure for this purchase can be found here. 25.10% of the stock is owned by company insiders.
Hedge Funds Weigh In On Clene
A hedge fund recently raised its stake in Clene stock. Csenge Advisory Group raised its position in shares of Clene Inc. (NASDAQ:CLNN – Free Report) by 131.2% in the second 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 purchasing an additional 153,000 shares during the quarter. Csenge Advisory Group owned 0.21% of Clene worth $96,000 as of its most recent SEC filing. Hedge funds and other 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.
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