Analysts Set Clene Inc. (NASDAQ:CLNN) Target Price at $32.60

Clene Inc. (NASDAQ:CLNN) has been assigned a consensus rating of “Moderate Buy” from the six ratings firms that are covering the stock, MarketBeat.com reports. One investment analyst has rated the stock with a sell rating and five have given a buy rating to the company. The average 1-year price objective among brokers that have covered the stock in the last year is $32.60.

CLNN has been the topic of a number of recent analyst reports. D. Boral Capital restated a “buy” rating and issued a $23.00 price target on shares of Clene in a report on Thursday, September 25th. Weiss Ratings restated a “sell (d-)” rating on shares of Clene in a report on Tuesday, October 14th. Wall Street Zen cut shares of Clene from a “hold” rating to a “strong sell” rating in a report on Saturday, August 16th. Benchmark lowered their price target on shares of Clene from $33.00 to $31.00 and set a “buy” rating on the stock in a report on Wednesday, September 10th. Finally, Canaccord Genuity Group lowered their price target on shares of Clene from $83.00 to $48.00 and set a “buy” rating on the stock in a report on Monday, August 18th.

Clene Stock Performance

NASDAQ:CLNN opened at $8.62 on Wednesday. Clene has a fifty-two week low of $2.28 and a fifty-two week high of $11.06. The stock has a market capitalization of $86.80 million, a P/E ratio of -2.29 and a beta of 0.62. The company’s 50-day simple moving average is $6.59 and its 200-day simple moving average is $4.52.

Clene (NASDAQ:CLNN) last released its quarterly earnings results on Thursday, August 14th. The company reported ($0.78) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.49) by ($0.29). The firm had revenue of $0.03 million for the quarter, compared to analyst estimates of $0.06 million. On average, research analysts forecast that Clene will post -5.19 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the business. Penn Davis Mcfarland Inc. purchased a new position in shares of Clene during the first quarter worth $34,000. Jane Street Group LLC purchased a new position in shares of Clene during the 2nd quarter valued at approximately $47,000. Lunt Capital Management Inc. increased its holdings in shares of Clene by 71.2% during the 2nd quarter. Lunt Capital Management Inc. now owns 51,010 shares of the company’s stock valued at $199,000 after purchasing an additional 21,217 shares in the last quarter. Finally, Scoggin Management LP increased its holdings in shares of Clene by 42.8% during the 2nd quarter. Scoggin Management LP now owns 142,750 shares of the company’s stock valued at $558,000 after purchasing an additional 42,750 shares in the last quarter. 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.