Clene (NASDAQ:CLNN) Major Shareholder Sells 7,603 Shares of Stock

Clene Inc. (NASDAQ:CLNN) major shareholder Chidozie Ugwumba sold 7,603 shares of the business’s stock in a transaction on Friday, December 12th. The shares were sold at an average price of $6.79, for a total transaction of $51,624.37. Following the transaction, the insider directly owned 419,460 shares in the company, valued at approximately $2,848,133.40. The trade was a 1.78% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this link. Large shareholders that own 10% or more of a company’s stock are required to disclose their sales and purchases with the SEC.

Chidozie Ugwumba also recently made the following trade(s):

• On Thursday, December 18th, Chidozie Ugwumba sold 5,816 shares of Clene stock. The stock was sold at an average price of $6.33, for a total value of $36,815.28.
• On Wednesday, December 17th, Chidozie Ugwumba sold 2,884 shares of Clene stock. The stock was sold at an average price of $6.61, for a total transaction of $19,063.24.
• On Tuesday, December 16th, Chidozie Ugwumba sold 7,030 shares of Clene stock. The stock was sold at an average price of $6.31, for a total value of $44,359.30.
• On Monday, December 15th, Chidozie Ugwumba sold 10,580 shares of Clene stock. The stock was sold at an average price of $6.49, for a total transaction of $68,664.20.
• On Thursday, December 11th, Chidozie Ugwumba sold 10,907 shares of Clene stock. The shares were sold at an average price of $6.81, for a total value of $74,276.67.
• On Wednesday, December 10th, Chidozie Ugwumba sold 9,921 shares of Clene stock. The shares were sold at an average price of $6.42, for a total value of $63,692.82.
• On Tuesday, December 9th, Chidozie Ugwumba sold 15,031 shares of Clene stock. The shares were sold at an average price of $5.95, for a total transaction of $89,434.45.
• On Monday, December 8th, Chidozie Ugwumba sold 21,463 shares of Clene stock. The stock was sold at an average price of $5.70, for a total transaction of $122,339.10.
• On Friday, December 5th, Chidozie Ugwumba sold 37,235 shares of Clene stock. The stock was sold at an average price of $5.94, for a total value of $221,175.90.
• On Thursday, December 4th, Chidozie Ugwumba sold 72,748 shares of Clene stock. The shares were sold at an average price of $6.73, for a total transaction of $489,594.04.

Clene Trading Down 7.4%

CLNN stock traded down $0.48 during midday trading on Thursday, reaching $6.04. 82,450 shares of the company’s stock traded hands, compared to its average volume of 107,940. Clene Inc. has a 52-week low of $2.28 and a 52-week high of $13.50. The stock has a market cap of $62.39 million, a P/E ratio of -1.78 and a beta of 0.79. The stock’s 50-day moving average is $8.62 and its 200 day moving average is $6.20.

Clene (NASDAQ:CLNN) last posted its quarterly earnings data on Thursday, November 13th. The company reported ($0.85) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.60) by ($0.25). The firm had revenue of $0.02 million during the quarter, compared to analysts’ expectations of $0.06 million. As a group, research analysts expect that Clene Inc. will post -5.19 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the company. Lunt Capital Management Inc. raised its holdings in shares of Clene by 71.2% in the 2nd quarter. Lunt Capital Management Inc. now owns 51,010 shares of the company’s stock valued at $199,000 after purchasing an additional 21,217 shares in the last quarter. Jane Street Group LLC bought a new position in Clene in the second quarter worth approximately $47,000. Scoggin Management LP lifted its holdings in Clene by 42.8% during the second quarter. Scoggin Management LP now owns 142,750 shares of the company’s stock worth $558,000 after buying an additional 42,750 shares during the period. Finally, Jones Financial Companies Lllp bought a new stake in Clene during the 3rd quarter valued at $29,000. 23.28% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

CLNN has been the topic of a number of research analyst reports. Weiss Ratings reiterated a “sell (d-)” rating on shares of Clene in a research report on Tuesday, October 14th. UBS Group reaffirmed a “buy” rating on shares of Clene in a report on Wednesday, December 3rd. D. Boral Capital reissued a “buy” rating and issued a $23.00 target price on shares of Clene in a report on Wednesday, December 10th. Finally, Benchmark reaffirmed a “buy” rating on shares of Clene in a research note on Thursday, December 4th. Six investment 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 has a consensus 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.