Clene Inc. (NASDAQ:CLNN) Short Interest Up 10.6% in October

Clene Inc. (NASDAQ:CLNN) saw a large growth in short interest during the month of October. As of October 31st, there was short interest totalling 127,300 shares, a growth of 10.6% from the October 15th total of 115,100 shares. Based on an average daily volume of 70,900 shares, the short-interest ratio is presently 1.8 days. Currently, 2.9% of the company’s shares are sold short.

Clene Stock Down 3.4 %

Shares of CLNN stock traded down $0.16 during trading hours on Friday, reaching $4.53. The company had a trading volume of 82,121 shares, compared to its average volume of 53,703. The company has a market capitalization of $37.87 million, a P/E ratio of -0.86 and a beta of 0.42. The stock’s fifty day simple moving average is $5.43 and its 200 day simple moving average is $5.99. The company has a debt-to-equity ratio of 1.66, a quick ratio of 0.99 and a current ratio of 0.83. Clene has a twelve month low of $3.82 and a twelve month high of $12.00.

Analyst Ratings Changes

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

Insider Transactions at Clene

In other news, Director David J. Matlin bought 92,307 shares of the stock in a transaction on Monday, September 30th. The stock was purchased at an average cost of $4.75 per share, with a total value of $438,458.25. Following the purchase, the director now owns 444,491 shares of the company’s stock, valued at approximately $2,111,332.25. The trade was a 26.21 % increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available at this link. Also, insider Mark Mortenson purchased 20,512 shares of Clene stock in a transaction on Monday, September 30th. The shares were acquired at an average cost of $4.75 per share, for a total transaction of $97,432.00. Following the purchase, the insider now owns 28,949 shares in the company, valued at approximately $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. Insiders own 25.10% of the company’s stock.

Hedge Funds Weigh In On Clene

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

About Clene

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.