Clene Inc. (NASDAQ:CLNN) Shares Shorted: Short Interest Down 51.8% in October

Clene Inc. (NASDAQ:CLNN) 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. Based on an average daily volume of 94,981 shares, the days-to-cover ratio is currently 4.5 days. Currently, 4.6% of the company’s stock are sold short.

Wall Street Analyst Weigh In

A number of brokerages have commented on CLNN. HC Wainwright restated a “buy” rating on shares of Clene in a research report on Monday, October 19th. Weiss Ratings downgraded Clene from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Tuesday. Six research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $34.00.

Clene Trading Down 1.8%

Shares of CLNN stock traded down $0.07 on Friday, reaching $3.83. The company’s stock had a trading volume of 47,081 shares, compared to its average volume of 214,337. Clene has a 1 year low of $3.02 and a 1 year high of $13.50. The stock’s fifty day simple moving average is $3.96 and its 200-day simple moving average is $5.17. The company has a market capitalization of $49.75 million, a price-to-earnings ratio of -1.09 and a beta of 0.91.

Clene (NASDAQ:CLNN) last posted its 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 business had revenue of $0.09 million during the quarter, compared to the consensus estimate of $0.06 million. Equities research analysts forecast that Clene will post -1.70 earnings per share for the current year.

About Clene

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.