Clene (NASDAQ:CLNN) Downgraded by Zacks Investment Research to “Hold”

Zacks Investment Research downgraded shares of Clene (NASDAQ:CLNN) from a buy rating to a hold rating in a research note released on Wednesday morning, Zacks.com reports.

According to Zacks, “Clene Inc. is a clinical-stage biopharmaceutical company. It is focused 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. “

Several other brokerages have also commented on CLNN. Oppenheimer began coverage on Clene in a report on Tuesday, September 28th. They set an outperform rating and a $20.00 price objective for the company. Cantor Fitzgerald cut their price objective on Clene from $24.00 to $15.00 and set an overweight rating for the company in a report on Wednesday, November 3rd. One investment analyst has rated the stock with a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of Buy and an average target price of $18.00.

Shares of NASDAQ CLNN opened at $3.00 on Wednesday. Clene has a 12 month low of $2.71 and a 12 month high of $17.82. The company has a debt-to-equity ratio of 4.09, a current ratio of 13.54 and a quick ratio of 13.53. The business has a 50-day moving average of $4.68 and a 200-day moving average of $6.78.

Clene (NASDAQ:CLNN) last issued its quarterly earnings data on Monday, November 8th. The company reported $0.42 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.20) by $0.62. The business had revenue of $0.11 million for the quarter, compared to analysts’ expectations of $0.14 million. Analysts predict that Clene will post -0.66 earnings per share for the current fiscal year.

In related news, Director David J. Matlin acquired 15,000 shares of the stock in a transaction on Friday, December 10th. The stock was purchased at an average price of $4.87 per share, for a total transaction of $73,050.00. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 21.20% of the stock is owned by corporate insiders.

Hedge funds have recently made changes to their positions in the business. Morgan Stanley lifted its position in Clene by 110.5% in the first quarter. Morgan Stanley now owns 2,105 shares of the company’s stock valued at $27,000 after purchasing an additional 1,105 shares during the last quarter. Legal & General Group Plc bought a new stake in Clene in the second quarter valued at approximately $25,000. Advisor Group Holdings Inc. bought a new stake in Clene in the second quarter valued at approximately $56,000. Bank of America Corp DE lifted its position in Clene by 7,045.1% in the second quarter. Bank of America Corp DE now owns 5,859 shares of the company’s stock valued at $66,000 after purchasing an additional 5,777 shares during the last quarter. Finally, Pinz Capital Management LP bought a new stake in Clene in the second quarter valued at approximately $71,000. Hedge funds and other institutional investors own 8.87% 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. The company has a nanotechnology drug suspension; and engages in the development and commercialization of dietary supplements. Its lead drug is CNM-Au8, which is being studied in various clinical trials, including a Phase 2 study for the treatment of stable multiple sclerosis; a Phase 2 biomarker study in Parkinson's; and Phase 2 and Phase 3 trials to investigate the potential for disease modification for neurodegenerative diseases.

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