Clene Inc. (NASDAQ:CLNN) Stock Short Interest Declines 51.8%

by · The Markets Daily

Clene Inc. (NASDAQ:CLNN – Get Free Report) was the recipient of a large drop in short interest in October. As of October 15th, there was short interest totaling 424,864 shares, a drop of 51.8% from the September 30th total of 880,688 shares. Currently, 4.6% of the shares of the stock are sold short. Based on an average daily volume of 94,981 shares, the days-to-cover ratio is presently 4.5 days.

Clene Stock Performance

Clene stock traded down $0.07 during trading on Friday, reaching $3.83. 47,081 shares of the company’s stock were exchanged, compared to its average volume of 90,949. The company’s 50-day moving average is $3.95 and its two-hundred day moving average is $5.16. Clene has a 52-week low of $3.02 and a 52-week high of $13.50. The firm has a market cap of $49.75 million, a price-to-earnings ratio of -1.09 and a beta of 0.91.

Clene (NASDAQ:CLNN – Get Free Report) last announced its quarterly earnings results on Friday, August 14th. The company reported ($1.08) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.37) by ($0.71). The company had revenue of $0.09 million during the quarter, compared to analysts’ expectations of $0.06 million. Analysts anticipate that Clene will post -1.70 EPS for the current year.

Analyst Ratings Changes

CLNN has been the topic of a number of recent research reports. HC Wainwright restated a “buy” rating on shares of Clene in a report on Monday, October 19th. Weiss Ratings downgraded shares of Clene from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Tuesday. Six equities research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $34.00.

Read Our Latest Stock Report on Clene

Clene Company Profile

(Get Free Report)

Clene Inc is a clinical-stage biopharmaceutical company developing nanotherapeutic treatments for neurodegenerative diseases. The company’s lead product candidate, CNM-Au8, is an investigational oral suspension containing catalytically active gold nanocrystals designed to support cellular energy production and reduce oxidative stress, with the goal of protecting and improving the function of nerve cells.

Clene has studied CNM-Au8 in conditions including amyotrophic lateral sclerosis (ALS) and multiple sclerosis (MS), and has also investigated its potential applications in other neurodegenerative disorders.

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