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

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 objective cut by analysts at Benchmark from $33.00 to $31.00 in a research note issued on Wednesday,Benzinga reports. The firm currently has a "buy" rating on the stock. Benchmark's target price would indicate a potential upside of 405.30% from the company's previous close.

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

Clene Stock Up 5.8%

Shares of NASDAQ CLNN traded up $0.34 during midday trading on Wednesday, reaching $6.14. The company had a trading volume of 36,052 shares, compared to its average volume of 77,714. The stock has a market cap of $61.53 million, a PE ratio of -1.63 and a beta of 0.57. Clene has a one year low of $2.28 and a one year high of $7.10. The firm's fifty day moving average price is $4.47 and its 200-day moving average price is $3.83.

Clene (NASDAQ:CLNN - Get Free Report) last announced its quarterly earnings results on Thursday, August 14th. The company reported ($0.78) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.49) by ($0.29). The business had revenue of $0.03 million for the quarter, compared to analyst estimates of $0.06 million. As a group, equities research analysts expect that Clene will post -5.19 EPS for the current year.

Institutional Investors Weigh In On Clene

Several hedge funds have recently added to or reduced their stakes in CLNN. 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 valued at $558,000 after acquiring an additional 42,750 shares in the last quarter. Jane Street Group LLC purchased a new position in Clene in the 2nd quarter worth approximately $47,000. Lunt Capital Management Inc. lifted its position in Clene by 71.2% in the 2nd quarter. Lunt Capital Management Inc. now owns 51,010 shares of the company's stock valued at $199,000 after acquiring an additional 21,217 shares in the last quarter. Finally, Penn Davis Mcfarland Inc. purchased a new stake in Clene during the 1st quarter valued at $34,000. 23.28% of the stock is owned by institutional investors.

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.