Short Interest in Clene Inc. (NASDAQ:CLNN) Grows By 10.6%

Clene Inc. (NASDAQ:CLNN) saw a large 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. Based on an average daily trading volume, of 70,900 shares, the days-to-cover ratio is currently 1.8 days. Currently, 2.9% of the company’s shares are short sold.

Clene Stock Down 2.9 %

Shares of Clene stock traded down $0.13 on Monday, hitting $4.40. The company had a trading volume of 47,190 shares, compared to its average volume of 70,693. The firm has a market capitalization of $36.78 million, a P/E ratio of -0.83 and a beta of 0.42. Clene has a twelve month low of $3.82 and a twelve month high of $12.00. The company has a debt-to-equity ratio of 1.66, a current ratio of 0.83 and a quick ratio of 0.99. The stock has a 50-day moving average of $5.40 and a 200-day moving average of $5.96.

Insider Transactions at Clene

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

Institutional Inflows and Outflows

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

Analyst Upgrades and Downgrades

CLNN has been the subject of a number of analyst reports. EF Hutton Acquisition Co. I upgraded shares of Clene to a “strong-buy” rating in a report on Tuesday, September 10th. HC Wainwright restated a “buy” rating and set a $31.00 price objective on shares of Clene in a report on Thursday. Finally, Canaccord Genuity Group reduced their price target on shares of Clene from $86.00 to $83.00 and set a “buy” rating for the company in a report on Thursday.

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.