Clene Inc. (NASDAQ:CLNN) Short Interest Up 52.9% in September

Key Points

• Short interest in Clene Inc. increased by 52.9% in September, totaling 342,100 shares compared to 223,700 shares at the end of August.
• The company's latest earnings report showed a loss of ($0.78) earnings per share, falling short of analysts' expectations.
• Clene is currently rated as a "Moderate Buy" with an average price target of $32.60, though several analysts have issued varied ratings from "buy" to "sell."

Clene Inc. (NASDAQ:CLNN - Get Free Report) was the recipient of a large growth in short interest in the month of September. As of September 15th, there was short interest totaling 342,100 shares, a growth of 52.9% from the August 31st total of 223,700 shares. Based on an average trading volume of 81,800 shares, the short-interest ratio is currently 4.2 days. Approximately 5.2% of the shares of the stock are short sold. Approximately 5.2% of the shares of the stock are short sold. Based on an average trading volume of 81,800 shares, the short-interest ratio is currently 4.2 days.

Clene Price Performance

CLNN stock traded down $1.28 during trading on Tuesday, hitting $9.08. The stock had a trading volume of 101,242 shares, compared to its average volume of 83,817. Clene has a twelve month low of $2.28 and a twelve month high of $11.06. The stock has a market capitalization of $91.44 million, a P/E ratio of -2.40 and a beta of 0.62. The company's 50-day moving average price is $5.47 and its two-hundred day moving average price is $4.11.

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 business had revenue of $0.03 million for the quarter, compared to analyst estimates of $0.06 million. As a group, sell-side analysts expect that Clene will post -5.19 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on CLNN shares. D. Boral Capital restated a "buy" rating and set a $23.00 target price on shares of Clene in a research report on Thursday, September 25th. Benchmark dropped their target price on Clene from $33.00 to $31.00 and set a "buy" rating on the stock in a research report on Wednesday, September 10th. Canaccord Genuity Group dropped their target price on Clene from $83.00 to $48.00 and set a "buy" rating on the stock in a research report on Monday, August 18th. Weiss Ratings restated a "sell (e+)" rating on shares of Clene in a research report on Saturday, September 27th. Finally, Wall Street Zen cut Clene from a "hold" rating to a "strong sell" rating in a research report on Saturday, August 16th. Five research analysts have rated the stock with a Buy rating and one has given a Sell rating to the company. Based on data from MarketBeat, Clene currently has an average rating of "Moderate Buy" and an average price target of $32.60.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of CLNN. Penn Davis Mcfarland Inc. purchased a new position in Clene in the 1st quarter worth approximately $34,000. Jane Street Group LLC purchased a new position in Clene in the 2nd quarter worth approximately $47,000. Lunt Capital Management Inc. lifted its stake in Clene by 71.2% in 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. Finally, Scoggin Management LP lifted its stake in Clene by 42.8% in 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. 23.28% of the stock is owned by hedge funds and other 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.

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