Clene Inc. (NASDAQ:CLNN) Receives Consensus Recommendation of "Buy" from Analysts

Key Points

• Clene Inc. (NASDAQ:CLNN) has received a consensus recommendation of "Buy" from six research firms, with an average 1-year price target of $33.00.
• Institutional investors have increased their stakes in Clene, with Scoggin Management LP raising its position by 42.8% in the second quarter.
• Clene reported a loss of $0.78 EPS for the last quarter, missing estimates, with revenue of only $0.03 million compared to expectations of $0.06 million.

Shares of Clene Inc. (NASDAQ:CLNN - Get Free Report) have earned a consensus recommendation of "Buy" from the six ratings firms that are currently covering the stock, Marketbeat reports. Five analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. The average twelve-month price objective among analysts that have covered the stock in the last year is $33.00.

A number of brokerages have recently commented on CLNN. Benchmark cut their price target on shares of Clene from $84.00 to $33.00 and set a "buy" rating on the stock in a report on Thursday, May 8th. Wall Street Zen lowered shares of Clene from a "hold" rating to a "strong sell" rating in a report on Saturday, August 16th. Canaccord Genuity Group cut 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. Finally, D. Boral Capital reiterated a "buy" rating and set a $23.00 price target on shares of Clene in a report on Thursday, August 21st.

Clene Stock Performance

Shares of NASDAQ:CLNN traded down $0.09 during mid-day trading on Tuesday, reaching $5.32. 33,033 shares of the company's stock were exchanged, compared to its average volume of 88,282. The firm has a market capitalization of $53.15 million, a price-to-earnings ratio of -1.41 and a beta of 0.57. The business's fifty day moving average price is $4.05 and its 200-day moving average price is $3.72. Clene has a twelve month low of $2.28 and a twelve month high of $6.90.

Clene (NASDAQ:CLNN - Get Free Report) last issued its quarterly earnings results on Thursday, August 14th. The company reported ($0.78) EPS 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. Analysts predict that Clene will post -5.19 EPS for the current fiscal year.

Hedge Funds Weigh In On Clene

Several hedge funds and other institutional investors have recently bought and sold shares of CLNN. Geode Capital Management LLC lifted its holdings in Clene by 52.9% in the fourth quarter. Geode Capital Management LLC now owns 65,112 shares of the company's stock valued at $346,000 after buying an additional 22,539 shares during the period. Renaissance Technologies LLC acquired a new position in Clene in the fourth quarter valued at $96,000. Fullcircle Wealth LLC acquired a new position in Clene in the fourth quarter valued at $69,000. Penn Davis Mcfarland Inc. acquired a new position in Clene in the first quarter valued at $34,000. Finally, Lunt Capital Management Inc. lifted its holdings in 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 buying an additional 21,217 shares during the period. Institutional investors and hedge funds 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.