Clene (NASDAQ:CLNN) Upgraded by Zacks Investment Research to Buy

Clene (NASDAQ:CLNN) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released on Monday, Zacks.com reports. The brokerage presently has a $10.00 target price on the stock. Zacks Investment Research‘s price objective points to a potential upside of 12.36% from the stock’s current price.

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 research analysts have also recently weighed in on CLNN. Roth Capital started coverage on Clene in a research note on Wednesday, February 3rd. They set a “buy” rating and a $24.00 target price for the company. Cantor Fitzgerald started coverage on shares of Clene in a research report on Monday. They set an “overweight” rating and a $22.00 price objective for the company. Finally, Benchmark assumed coverage on shares of Clene in a research note on Monday, March 8th. They issued a “buy” rating and a $25.00 price objective on the stock.

Shares of NASDAQ CLNN opened at $8.90 on Monday. Clene has a 1 year low of $6.23 and a 1 year high of $16.50. The company has a market cap of $529.78 million, a price-to-earnings ratio of -20.23 and a beta of -0.01. The firm’s fifty day moving average price is $12.11.

Large investors have recently added to or reduced their stakes in the stock. Basso Capital Management L.P. acquired a new stake in Clene during the 4th quarter worth about $29,000. Bluefin Capital Management LLC acquired a new stake in shares of Clene during the fourth quarter valued at approximately $139,000. Walleye Trading LLC purchased a new stake in shares of Clene in the 4th quarter valued at approximately $143,000. Harel Insurance Investments & Financial Services Ltd. acquired a new position in Clene in the 1st quarter worth approximately $1,491,000. Finally, Kepos Capital LP purchased a new position in Clene during the 4th quarter worth approximately $2,372,000. Institutional investors and hedge funds own 62.63% 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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