Benchmark Has Lowered Expectations for Clene (NASDAQ:CLNN) Stock Price

Clene (NASDAQ:CLNN) had its price objective lowered by Benchmark from $84.00 to $33.00 in a research report report published on Thursday morning,Benzinga reports. The firm currently has a buy rating on the stock.

A number of other brokerages also recently issued reports on CLNN. HC Wainwright reaffirmed a “buy” rating and issued a $31.00 target price on shares of Clene in a research note on Tuesday, April 8th. D. Boral Capital restated a “buy” rating and set a $23.00 price objective on shares of Clene in a research report on Thursday. Finally, Jones Trading initiated coverage on shares of Clene in a report on Wednesday, April 23rd. They issued a “buy” rating and a $30.00 target price on the stock. Five analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, Clene currently has a consensus rating of “Buy” and an average price target of $40.00.

Clene Trading Up 1.9 %

CLNN opened at $2.63 on Thursday. Clene has a twelve month low of $2.55 and a twelve month high of $9.20. The firm has a market capitalization of $23.63 million, a PE ratio of -0.50 and a beta of 0.46. The firm’s 50-day moving average price is $3.37 and its 200 day moving average price is $4.32.

Clene (NASDAQ:CLNN) last issued its earnings results on Wednesday, May 7th. The company reported ($0.50) earnings per share for the quarter, topping the consensus estimate of ($1.10) by $0.60. Clene had a negative return on equity of 1,106.30% and a negative net margin of 8,556.77%. The business had revenue of $0.08 million for the quarter, compared to analysts’ expectations of $0.07 million. As a group, analysts predict that Clene will post -5.19 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of CLNN. Parsons Capital Management Inc. RI purchased a new stake in shares of Clene in the 4th quarter valued at approximately $194,000. SBI Securities Co. Ltd. purchased a new stake in Clene in the fourth quarter valued at approximately $69,000. Geode Capital Management LLC lifted its stake in Clene by 52.9% during the fourth quarter. Geode Capital Management LLC now owns 65,112 shares of the company’s stock worth $346,000 after purchasing an additional 22,539 shares in the last quarter. Renaissance Technologies LLC purchased a new position in shares of Clene during the fourth quarter worth $96,000. Finally, Fullcircle Wealth LLC acquired a new stake in shares of Clene in the fourth quarter valued at $69,000. Hedge funds and other institutional investors own 23.28% of the company’s stock.

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.