Clene Inc. (NASDAQ:CLNN) Receives $32.60 Average Price Target from Analysts

Key Points

• Clene Inc. (NASDAQ:CLNN) has received an average rating of "Buy" from five brokerages, with a consensus twelve-month price target of $32.60.
• Institutional investors have increased their stakes in Clene, with Scoggin Management LP boosting their holdings by 42.8% in the second quarter.
• Clene reported a loss of $0.78 earnings per share for the last quarter, missing estimates, with revenue of only $0.03 million.

Shares of Clene Inc. (NASDAQ:CLNN - Get Free Report) have been assigned an average recommendation of "Buy" from the five analysts that are presently covering the firm, Marketbeat Ratings reports. Five equities research analysts have rated the stock with a buy recommendation. The average 1-year price objective among brokerages that have issued a report on the stock in the last year is $32.60.

Several equities research analysts have recently weighed in on the company. Wall Street Zen cut Clene from a "hold" rating to a "strong sell" rating in a research note on Saturday, August 16th. Benchmark decreased their price target on Clene from $33.00 to $31.00 and set a "buy" rating for the company in a research note on Wednesday, September 10th. 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. Finally, 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 research note on Monday, August 18th.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in CLNN. Penn Davis Mcfarland Inc. bought a new position in shares of Clene in the first quarter valued at approximately $34,000. Lunt Capital Management Inc. lifted its holdings in shares of Clene by 71.2% in the second 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. Jane Street Group LLC bought a new position in shares of Clene in the second quarter valued at approximately $47,000. Finally, Scoggin Management LP lifted its holdings in shares of Clene by 42.8% in the second 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. Institutional investors own 23.28% of the company's stock.

Clene Stock Performance

Shares of NASDAQ CLNN traded up $0.02 during midday trading on Friday, reaching $6.42. The company's stock had a trading volume of 24,180 shares, compared to its average volume of 77,306. The business's 50 day moving average price is $4.78 and its two-hundred day moving average price is $3.91. The company has a market cap of $64.65 million, a P/E ratio of -1.71 and a beta of 0.57. Clene has a fifty-two week low of $2.28 and a fifty-two week high of $7.10.

Clene (NASDAQ:CLNN - Get Free Report) last released its 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 during the quarter, compared to analysts' expectations of $0.06 million. Sell-side analysts forecast that Clene will post -5.19 earnings per share for the current fiscal year.

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.