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

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

Clene Stock Down 1.8%

NASDAQ CLNN traded down $0.07 during trading hours on Friday, hitting $3.83. The company’s stock had a trading volume of 47,081 shares, compared to its average volume of 90,949. The stock has a fifty day moving average of $3.95 and a 200 day moving average of $5.16. The firm has a market capitalization of $49.77 million, a P/E ratio of -1.09 and a beta of 0.91. Clene has a twelve month low of $3.02 and a twelve month high of $13.50.

Clene (NASDAQ:CLNN) last announced its quarterly earnings data on Friday, August 14th. The company reported ($1.08) EPS for the quarter, missing analysts’ consensus estimates of ($0.37) by ($0.71). The company had revenue of $0.09 million during the quarter, compared to analyst estimates of $0.06 million. On average, analysts predict that Clene will post -1.70 earnings per share for the current year.

Analyst Ratings Changes

Several equities research analysts have weighed in on the stock. HC Wainwright restated a “buy” rating on shares of Clene in a research report on Monday, October 19th. Weiss Ratings cut shares of Clene from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Tuesday. Six investment analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $34.00.

Clene Company Profile

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.