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 rating of "Buy" from the six research firms that are covering the stock, Marketbeat reports. Five investment analysts have rated the stock with a buy rating and one has issued a strong buy rating on the company. The average 1-year price objective among brokers that have covered the stock in the last year is $33.00.

A number of equities analysts have weighed in on CLNN shares. D. Boral Capital reaffirmed a "buy" rating and set a $23.00 price target on shares of Clene in a research report on Thursday, August 21st. Benchmark reduced their price target on Clene from $84.00 to $33.00 and set a "buy" rating for the company in a research report on Thursday, May 8th. Wall Street Zen downgraded Clene from a "hold" rating to a "strong sell" rating in a research report on Saturday, August 16th. Finally, Canaccord Genuity Group dropped their price objective on Clene from $83.00 to $48.00 and set a "buy" rating on the stock in a research note on Monday, August 18th.

Institutional Investors Weigh In On Clene

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Scoggin Management LP raised its stake in shares of Clene by 42.8% during the 2nd quarter. Scoggin Management LP now owns 142,750 shares of the company's stock worth $558,000 after purchasing an additional 42,750 shares in the last quarter. Jane Street Group LLC bought a new stake in shares of Clene during the 2nd quarter worth approximately $47,000. Lunt Capital Management Inc. raised its stake 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 worth $199,000 after purchasing an additional 21,217 shares in the last quarter. Penn Davis Mcfarland Inc. bought a new stake in shares of Clene during the 1st quarter worth approximately $34,000. Finally, Fullcircle Wealth LLC bought a new stake in shares of Clene during the 4th quarter worth approximately $69,000. Institutional investors own 23.28% of the company's stock.

Clene Stock Performance

Shares of CLNN opened at $5.33 on Tuesday. The stock has a 50 day simple moving average of $3.96 and a 200 day simple moving average of $3.70. Clene has a 52-week low of $2.28 and a 52-week high of $6.90. The firm has a market capitalization of $53.25 million, a PE ratio of -1.42 and a beta of 0.55.

Clene (NASDAQ:CLNN - Get Free Report) last issued its quarterly earnings data on Thursday, August 14th. The company reported ($0.78) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.49) by ($0.29). The company had revenue of $0.03 million during the quarter, compared to analyst estimates of $0.06 million. Equities research analysts predict that Clene will post -5.19 EPS for the current fiscal year.

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.

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.