Clene (NASDAQ:CLNN – Get Rating) was upgraded to a “hold” rating from a “sell” rating by Zacks Investment Research in a research note issued to investors on Friday, reports Zacks.com.
According to Zacks, “Clene Inc. is a clinical-stage biopharmaceutical company. It focuses 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. The Canaccord Genuity Group began reporting on Clene in a report on Monday, May 2nd. They set a buy rating and a price target of $10.00 for the company. Roth Capital reinstated a “buy” rating on Clene stock in a report on Monday, February 14th. Finally, on Monday, May 2nd, the Canaccord Genuity Group began reporting on Clene. They set a buy rating and a price target of $10.00 for the company. One investment analyst has rated the stock as hold and six have given a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “buy” and an average target price of $13.17.
NASDAQ CLNN shares fell $0.16 on Friday midday to hit $2.10. 182,707 shares of the Company were exchanged compared to an 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 company has a market cap of $132.84 million, a P/E 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 for the quarter compared to analyst estimates of $0.14 million. On average, equity analysts expect Clene to report earnings per share of -0.71 for the current year.
In separate news from Clene, director David J. Matlin acquired 10,000 shares of the company in a transaction on Monday, March 28th. The shares were purchased 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 can be accessed at this hyperlink. In addition, director David J. Matlin acquired 20,000 shares of the company in a transaction dated Friday, March 18. 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 purchased a total of 217,891 shares of the company’s shares valued at $647,102 over the past ninety days. Insiders own 28.70% of the company’s shares.
Institutional investors and hedge funds recently changed their holdings in the company. Morgan Stanley increased its stake in Clene by 110.5% during the first quarter. Morgan Stanley now owns 2,105 shares of the company’s stock, valued at $27,000, after buying another 1,105 shares last quarter. Cubist Systematic Strategies LLC bought a new position in Clene stock valued at $62,000 during the fourth quarter. Bank of America Corp DE increased its stake in Clene shares by 7,045.1% in the second quarter. Bank of America Corp DE now owns 5,859 shares of the company’s shares, valued at $66,000, after purchasing an additional 5,777 shares last quarter. Veritable LP bought a new position in Clene stock valued at $79,000 during the first quarter. Finally, Oppenheimer & Co. Inc. bought a new $91,000 stake in Clene during the fourth quarter. Institutional investors own 23.07% of the company’s shares.
Clene company profile (received rating)
Clene Inc, a clinical-stage pharmaceutical company, is focused on the discovery, development and commercialization of novel clean surface nanotechnology (CSN) therapeutics. Its lead drug is CNM-Au8, which is being investigated in various clinical trials, including a phase 2/3 registration clinical trial in patients with amyotrophic lateral sclerosis (ALS); Completed Phase 2 Proof-of-Concept Clinical Trial in Patients With Early Symptomatic ALS; Completion of two phase 2, open-label, blinded studies in brain 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 disease.
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