Contineum Therapeutics (NASDAQ:CTNM) Shares Up 6.8% – Here’s Why

Contineum Therapeutics, Inc. (NASDAQ:CTNM) was up 6.8% on Thursday . The stock traded as high as $15.94 and last traded at $16.00. Approximately 165,442 shares traded hands during mid-day trading, a decline of 45% from the average session volume of 302,464 shares. The stock had previously closed at $14.98.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on the company. Royal Bank Of Canada raised their target price on Contineum Therapeutics from $22.00 to $23.00 and gave the company an “outperform” rating in a research note on Friday, July 31st. Weiss Ratings reissued a “sell (d-)” rating on shares of Contineum Therapeutics in a research note on Friday, July 17th. Morgan Stanley lifted their price target on Contineum Therapeutics from $14.00 to $16.00 and gave the company an “equal weight” rating in a report on Thursday, May 14th. Finally, Wall Street Zen cut Contineum Therapeutics from a “hold” rating to a “sell” rating in a research report on Saturday. Three equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Hold” and an average target price of $20.25.

Contineum Therapeutics Price Performance

The stock has a market cap of $533.83 million, a price-to-earnings ratio of -8.20 and a beta of 0.74. The business has a fifty day moving average of $14.07 and a 200 day moving average of $13.86.

Contineum Therapeutics (NASDAQ:CTNM) last posted its earnings results on Thursday, July 30th. The company reported ($0.40) EPS for the quarter, topping the consensus estimate of ($0.45) by $0.05. On average, analysts expect that Contineum Therapeutics, Inc. will post -1.68 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the stock. 683 Capital Management LLC bought a new stake in Contineum Therapeutics during the fourth quarter worth approximately $1,045,000. UBS Group AG raised its position in shares of Contineum Therapeutics by 191.1% in the fourth quarter. UBS Group AG now owns 199,389 shares of the company’s stock valued at $2,279,000 after purchasing an additional 130,885 shares during the period. Baker BROS. Advisors LP raised its position in shares of Contineum Therapeutics by 1,729.3% in the fourth quarter. Baker BROS. Advisors LP now owns 1,420,838 shares of the company’s stock valued at $16,240,000 after purchasing an additional 1,343,168 shares during the period. Janus Henderson Group PLC lifted its stake in shares of Contineum Therapeutics by 11.7% in the first quarter. Janus Henderson Group PLC now owns 2,734,836 shares of the company’s stock worth $35,594,000 after buying an additional 285,857 shares during the last quarter. Finally, Monashee Investment Management LLC acquired a new stake in shares of Contineum Therapeutics in the fourth quarter worth $1,571,000.

About Contineum Therapeutics

Contineum Therapeutics, Inc, a clinical stage biopharmaceutical company, focuses on discovering and developing novel oral small molecule therapies for neuroscience, inflammation, and immunology indications with high unmet need. Its lead asset is PIPE-791, a novel, brain penetrant, small molecule inhibitor of the lysophosphatidic acid 1 receptor (LPA1R) for the treatment of idiopathic pulmonary fibrosis and progressive multiple sclerosis (MS). The company also develops PIPE-307, a novel, small molecule selective inhibitor of the muscarinic type 1 M1 receptor to treat depression and relapse remitting MS; and CTX-343, a peripherally-restricted LPA1R antagonist.