Clene (NASDAQ:CLNN) Releases Quarterly Earnings Results, Misses Expectations By $0.25 EPS

Clene (NASDAQ:CLNN) released its quarterly earnings data on Wednesday. The company reported ($0.85) earnings per share for the quarter, missing the consensus estimate of ($0.60) by ($0.25), FiscalAI reports. The company had revenue of $0.02 million during the quarter.

Clene Price Performance

Shares of NASDAQ:CLNN traded down $1.84 during midday trading on Thursday, hitting $7.57. 115,664 shares of the company’s stock were exchanged, compared to its average volume of 88,486. Clene has a 12 month low of $2.28 and a 12 month high of $13.50. The company has a market cap of $76.23 million, a PE ratio of -2.01 and a beta of 0.72. The stock has a 50 day moving average price of $8.10 and a 200-day moving average price of $5.29.

Hedge Funds Weigh In On Clene

A hedge fund recently bought a new stake in Clene stock. Jane Street Group LLC acquired a new position in Clene Inc. (NASDAQ:CLNN) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 12,095 shares of the company’s stock, valued at approximately $47,000. Jane Street Group LLC owned about 0.15% of Clene at the end of the most recent quarter. 23.28% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

CLNN has been the topic of a number of recent research reports. D. Boral Capital reissued a “buy” rating and set a $23.00 price target on shares of Clene in a research note on Thursday, September 25th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Clene in a report on Tuesday, October 14th. Benchmark reduced their target price on shares of Clene from $33.00 to $31.00 and set a “buy” rating on the stock in a report on Wednesday, September 10th. Wall Street Zen cut shares of Clene from a “hold” rating to a “strong sell” rating in a research report on Saturday, August 16th. Finally, Canaccord Genuity Group dropped their price target on shares of Clene from $83.00 to $48.00 and set a “buy” rating for the company in a research note on Monday, August 18th. Five analysts have rated the stock with a Buy rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $32.60.

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.