Benchmark Lowers Clene (NASDAQ:CLNN) Price Target to $31.00

Key Points

• Benchmark has lowered Clene's price target from $33.00 to $31.00, while maintaining a "buy" rating, indicating a potential upside of 369.70% from the stock's previous close.
• Clene reported a loss of ($0.78) earnings per share for the last quarter, missing estimates by ($0.29), and had revenue of $0.03 million versus a forecast of $0.06 million.
• Institutional investors currently hold 23.28% of Clene's stock, with several firms modifying their positions in recent months, including increased holdings by Scoggin Management LP and Lunt Capital Management Inc.

Clene (NASDAQ:CLNN - Get Free Report) had its price target lowered by investment analysts at Benchmark from $33.00 to $31.00 in a note issued to investors on Wednesday,Benzinga reports. The firm currently has a "buy" rating on the stock. Benchmark's price objective suggests a potential upside of 369.70% from the stock's previous close.

A number of other equities research analysts also recently weighed in on CLNN. Canaccord Genuity Group dropped their price target on shares of Clene from $83.00 to $48.00 and set a "buy" rating for the company in a research report on Monday, August 18th. Wall Street Zen downgraded shares of Clene from a "hold" rating to a "strong sell" rating in a research report on Saturday, August 16th. Finally, D. Boral Capital restated a "buy" rating and set a $23.00 price objective on shares of Clene in a research report on Thursday, August 21st. Five research analysts have rated the stock with a Buy rating, According to data from MarketBeat, Clene presently has a consensus rating of "Buy" and a consensus target price of $32.60.

Clene Trading Down 0.5%

NASDAQ CLNN opened at $6.60 on Wednesday. Clene has a 1-year low of $2.28 and a 1-year high of $7.10. The company has a 50 day moving average of $4.34 and a 200-day moving average of $3.80. The company has a market cap of $66.20 million, a price-to-earnings ratio of -1.76 and a beta of 0.58.

Clene (NASDAQ:CLNN - Get Free Report) 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 the consensus estimate of $0.06 million. On average, equities research analysts forecast that Clene will post -5.19 earnings per share for the current year.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Penn Davis Mcfarland Inc. acquired a new position in shares of Clene during the first quarter worth $34,000. Scoggin Management LP increased its holdings in shares of Clene by 42.8% during the second quarter. Scoggin Management LP now owns 142,750 shares of the company's stock worth $558,000 after buying an additional 42,750 shares in the last quarter. Jane Street Group LLC acquired a new position in shares of Clene during the second quarter worth $47,000. Finally, Lunt Capital Management Inc. increased its holdings in shares of Clene by 71.2% during the second quarter. Lunt Capital Management Inc. now owns 51,010 shares of the company's stock worth $199,000 after buying an additional 21,217 shares in the last quarter. 23.28% of the stock is currently owned by institutional investors and hedge funds.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.