Clene (NASDAQ:CLNN) Receives Sell (D-) Rating from Weiss Ratings

Key Points

• Clene Inc. received a "sell (D-)" rating from Weiss Ratings, indicating concerns about its stock performance.
• Despite the negative rating, some analysts still maintain optimism, with five firms highlighting a "buy" rating and setting varied price targets as high as $23.00.
• The company reported a significant earnings miss, with a loss of ($0.78) per share, falling short of analyst expectations by ($0.29).

Clene (NASDAQ:CLNN - Get Free Report)'s stock had its "sell (d-)" rating reissued by Weiss Ratings in a research note issued to investors on Tuesday,Weiss Ratings reports.

Several other research firms also recently commented on CLNN. D. Boral Capital reaffirmed a "buy" rating and set a $23.00 price objective on shares of Clene in a report on Thursday, September 25th. Canaccord Genuity Group dropped their price target on Clene from $83.00 to $48.00 and set a "buy" rating for the company in a research note on Monday, August 18th. Benchmark reduced their price objective on Clene from $33.00 to $31.00 and set a "buy" rating for the company in a report on Wednesday, September 10th. Finally, Wall Street Zen cut Clene from a "hold" rating to a "strong sell" rating in a report on Saturday, August 16th. Five investment analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, Clene has a consensus rating of "Moderate Buy" and an average target price of $32.60.

Clene Stock Up 3.5%

CLNN stock traded up $0.29 during midday trading on Tuesday, reaching $8.54. 30,590 shares of the company's stock traded hands, compared to its average volume of 85,224. The company has a market cap of $85.95 million, a price-to-earnings ratio of -2.27 and a beta of 0.62. The firm's fifty day moving average price is $6.01 and its 200-day moving average price is $4.30. Clene has a 52 week low of $2.28 and a 52 week high of $11.06.

Clene (NASDAQ:CLNN - Get Free Report) last announced 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 business had revenue of $0.03 million for the quarter, compared to analyst estimates of $0.06 million. Analysts forecast that Clene will post -5.19 earnings per share for the current year.

Institutional Trading of Clene

A number of hedge funds have recently added to or reduced their stakes in CLNN. Scoggin Management LP raised its stake in Clene by 42.8% during the 2nd 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 during the period. Lunt Capital Management Inc. grew its stake in Clene by 71.2% during the second quarter. Lunt Capital Management Inc. now owns 51,010 shares of the company's stock worth $199,000 after buying an additional 21,217 shares during the last quarter. Jane Street Group LLC acquired a new stake in shares of Clene in the second quarter valued at approximately $47,000. Finally, Penn Davis Mcfarland Inc. bought a new position in shares of Clene during the first quarter worth $34,000. 23.28% of the stock is owned by institutional investors and hedge funds.

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.

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