HC Wainwright Reaffirms Buy Rating for Clene (NASDAQ:CLNN)

Clene (NASDAQ:CLNN)‘s stock had its “buy” rating reissued by research analysts at HC Wainwright in a research note issued to investors on Wednesday, Benzinga reports. They presently have a $7.00 price target on the stock.

Separately, Benchmark reissued a “buy” rating and set a $5.00 price target on shares of Clene in a report on Wednesday, March 20th.

Clene Stock Performance

CLNN stock traded up $0.04 during mid-day trading on Wednesday, reaching $0.35. The company had a trading volume of 9,257,685 shares, compared to its average volume of 976,258. The company has a quick ratio of 1.53, a current ratio of 1.53 and a debt-to-equity ratio of 0.53. The stock has a market capitalization of $44.73 million, a P/E ratio of -0.67 and a beta of 0.50. Clene has a one year low of $0.25 and a one year high of $1.09. The stock’s 50-day simple moving average is $0.42 and its two-hundred day simple moving average is $0.43.

Clene (NASDAQ:CLNN) last posted its earnings results on Wednesday, March 13th. The company reported ($0.06) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.07) by $0.01. The company had revenue of $0.17 million for the quarter, compared to analysts’ expectations of $0.14 million. Clene had a negative return on equity of 253.48% and a negative net margin of 7,569.42%. Research analysts anticipate that Clene will post -0.33 EPS for the current year.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of CLNN. Vanguard Group Inc. grew its holdings in Clene by 7.1% during the fourth quarter. Vanguard Group Inc. now owns 2,618,388 shares of the company’s stock worth $777,000 after acquiring an additional 172,471 shares during the period. Worth Venture Partners LLC acquired a new stake in Clene during the 2nd quarter worth about $1,305,000. Hudson Bay Capital Management LP acquired a new stake in Clene during the 2nd quarter worth about $1,213,000. State Street Corp boosted its position in Clene by 2.3% during the 1st quarter. State Street Corp now owns 903,885 shares of the company’s stock worth $3,561,000 after acquiring an additional 20,627 shares during the period. Finally, Silverarc Capital Management LLC boosted its position in Clene by 100.0% during the 3rd quarter. Silverarc Capital Management LLC now owns 500,000 shares of the company’s stock worth $248,000 after acquiring an additional 250,000 shares during the period. 23.28% of the stock is owned by institutional investors and hedge funds.

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 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.