Canaccord Genuity Group Has Lowered Expectations for Clene (NASDAQ:CLNN) Stock Price

Clene (NASDAQ:CLNN) had its price objective lowered by Canaccord Genuity Group from $86.00 to $83.00 in a research note issued to investors on Thursday,Benzinga reports. The firm currently has a “buy” rating on the stock.

A number of other equities analysts have also issued reports on the company. EF Hutton Acquisition Co. I raised Clene to a “strong-buy” rating in a research report on Tuesday, September 10th. HC Wainwright reaffirmed a “buy” rating and issued a $31.00 price target on shares of Clene in a report on Thursday.

Clene Trading Down 3.4 %

NASDAQ:CLNN opened at $4.53 on Thursday. Clene has a one year low of $3.82 and a one year high of $12.00. The business’s 50-day simple moving average is $5.43 and its 200 day simple moving average is $6.03. The company has a debt-to-equity ratio of 1.66, a quick ratio of 0.99 and a current ratio of 0.99. The stock has a market cap of $31.06 million, a price-to-earnings ratio of -0.86 and a beta of 0.42.

Insider Activity at Clene

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

Institutional Investors Weigh In On Clene

An institutional investor recently raised its position in Clene stock. Csenge Advisory Group grew its stake in shares of Clene Inc. (NASDAQ:CLNN) by 131.2% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 269,600 shares of the company’s stock after purchasing an additional 153,000 shares during the quarter. Csenge Advisory Group owned approximately 0.21% of Clene worth $96,000 as of its most recent SEC filing. Institutional investors own 23.28% of the company’s stock.

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.