Clene Inc. (NASDAQ:CLNN) Sees Significant Increase in Short Interest

Clene Inc. (NASDAQ:CLNN) was the target of a significant increase in short interest in the month of October. As of October 31st, there was short interest totalling 127,300 shares, an increase of 10.6% from the October 15th total of 115,100 shares. Approximately 2.9% of the company’s shares are sold short. Based on an average trading volume of 70,900 shares, the days-to-cover ratio is presently 1.8 days.

Insider Transactions at Clene

In other Clene news, insider Mark Mortenson acquired 20,512 shares of the firm’s stock in a transaction on Monday, September 30th. The stock was acquired at an average cost of $4.75 per share, for a total transaction of $97,432.00. Following the purchase, the insider now owns 28,949 shares in the company, valued at approximately $137,507.75. The trade was a 243.12 % increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director David J. Matlin purchased 92,307 shares of Clene stock in a transaction that occurred on Monday, September 30th. The shares were bought at an average price of $4.75 per share, with a total value of $438,458.25. Following the completion of the transaction, the director now owns 444,491 shares of the company’s stock, valued at $2,111,332.25. This represents a 26.21 % increase in their position. The disclosure for this purchase can be found here. Corporate insiders own 25.10% of the company’s stock.

Institutional Investors Weigh In On Clene

A hedge fund recently bought a new stake in Clene stock. Castleview Partners LLC acquired a new stake in Clene Inc. (NASDAQ:CLNN) in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 12,783 shares of the company’s stock, valued at approximately $59,000. Castleview Partners LLC owned 0.19% of Clene as of its most recent SEC filing. Institutional investors and hedge funds own 23.28% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have issued reports on CLNN. EF Hutton Acquisition Co. I raised shares of Clene to a “strong-buy” rating in a report on Tuesday, September 10th. Canaccord Genuity Group decreased their price target on shares of Clene from $86.00 to $83.00 and set a “buy” rating on the stock in a research note on Thursday. Finally, HC Wainwright reiterated a “buy” rating and issued a $31.00 price objective on shares of Clene in a report on Thursday.

Clene Trading Down 3.4 %

Shares of CLNN traded down $0.16 during midday trading on Friday, hitting $4.53. 82,121 shares of the stock were exchanged, compared to its average volume of 53,703. Clene has a 52-week low of $3.82 and a 52-week high of $12.00. The company has a debt-to-equity ratio of 1.66, a quick ratio of 0.99 and a current ratio of 0.83. The stock has a fifty day simple moving average of $5.43 and a 200 day simple moving average of $5.99. The firm has a market cap of $37.87 million, a P/E ratio of -0.86 and a beta of 0.42.

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.