Clene (NASDAQ:CLNN - Get Rating) was upgraded by Zacks Investment Research from a "sell" rating to a "hold" rating in a research note issued to investors on Friday, Zacks.com reports.
According to Zacks, "Clene Inc. is a clinical-stage biopharmaceutical company. It is focused on the development of unique therapeutics for neurodegenerative diseases. Clene Nanomedicine Inc., formerly known as Tottenham Acquisition I Limited, is based in SALT LAKE CITY. "
CLNN has been the subject of several other reports. Canaccord Genuity Group began coverage on Clene in a report on Monday, May 2nd. They set a "buy" rating and a $10.00 price target for the company. Roth Capital reissued a "buy" rating on shares of Clene in a report on Monday, February 14th. Finally, Canaccord Genuity Group began coverage on Clene in a report on Monday, May 2nd. They set a "buy" rating and a $10.00 price target for the company. One investment analyst has rated the stock with a hold rating and six have issued a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Buy" and an average target price of $13.17.
Shares of NASDAQ CLNN traded down $0.16 during midday trading on Friday, hitting $2.10. 182,707 shares of the company's stock were exchanged, compared to its average volume of 114,540. The company has a quick ratio of 9.05, a current ratio of 9.06 and a debt-to-equity ratio of 1.52. Clene has a 12 month low of $2.01 and a 12 month high of $17.82. The company's 50 day moving average price is $2.98 and its 200 day moving average price is $3.69. The firm has a market capitalization of $132.84 million, a PE ratio of 9.13 and a beta of 0.37.
Clene (NASDAQ:CLNN - Get Rating) last released its quarterly earnings results on Friday, March 11th. The company reported ($0.19) earnings per share for the quarter, missing the consensus estimate of ($0.18) by ($0.01). The company had revenue of $0.20 million during the quarter, compared to analyst estimates of $0.14 million. On average, equities research analysts anticipate that Clene will post -0.71 EPS for the current year.
In other Clene news, Director David J. Matlin purchased 10,000 shares of the firm's stock in a transaction dated Monday, March 28th. The shares were bought at an average price of $3.10 per share, for a total transaction of $31,000.00. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director David J. Matlin purchased 20,000 shares of the firm's stock in a transaction dated Friday, March 18th. The stock was acquired at an average price of $2.79 per share, for a total transaction of $55,800.00. The disclosure for this purchase can be found here. Insiders acquired a total of 217,891 shares of company stock valued at $647,102 over the last ninety days. Insiders own 28.70% of the company's stock.
Institutional investors and hedge funds have recently modified their holdings of the company. Morgan Stanley increased its stake in shares of Clene by 110.5% in the 1st quarter. Morgan Stanley now owns 2,105 shares of the company's stock valued at $27,000 after purchasing an additional 1,105 shares during the last quarter. Cubist Systematic Strategies LLC bought a new position in shares of Clene in the 4th quarter valued at $62,000. Bank of America Corp DE increased its stake in shares of Clene by 7,045.1% in the 2nd quarter. Bank of America Corp DE now owns 5,859 shares of the company's stock valued at $66,000 after purchasing an additional 5,777 shares during the last quarter. Veritable L.P. bought a new position in shares of Clene in the 1st quarter valued at $79,000. Finally, Oppenheimer & Co. Inc. bought a new stake in Clene during the 4th quarter worth $91,000. Institutional investors own 23.07% of the company's stock.
Clene Company Profile (Get Rating)
Clene Inc, a clinical-stage pharmaceutical company, focuses on the discovery, development, and commercialization of novel clean-surfaced nanotechnology (CSN) therapeutics. Its lead drug is CNM-Au8, which is being studied in various clinical trials, including a Phase 2/3 registrational clinical trial for 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; ongoing Phase 2 clinical trial for the treatment of visual pathway deficits in chronic optic neuropathy for remyelination in stable relapsing Multiple Sclerosis; and a planned Phase 2 clinical trial for the treatment of patients with Parkinson's Diseases.
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