Contineum Therapeutics (NASDAQ:CTNM) Shares Down 4.9% – Here’s Why

Shares of Contineum Therapeutics, Inc. (NASDAQ:CTNM) traded down 4.9% during mid-day trading on Friday . The company traded as low as $14.69 and last traded at $14.5450. Approximately 114,415 shares were traded during trading, a decline of 62% from the average session volume of 302,593 shares. The stock had previously closed at $15.30.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on CTNM. Morgan Stanley raised 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. Royal Bank Of Canada increased their target price on shares of Contineum Therapeutics from $22.00 to $23.00 and gave the company an “outperform” rating in a research report on Friday, July 31st. Wall Street Zen raised shares of Contineum Therapeutics from a “sell” rating to a “hold” rating in a research note on Saturday, May 9th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Contineum Therapeutics in a research report on Friday, July 17th. Three equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, Contineum Therapeutics currently has a consensus rating of “Hold” and a consensus target price of $20.25.

Contineum Therapeutics Stock Performance

The company has a market cap of $550.72 million, a P/E ratio of -8.45 and a beta of 0.74. The stock has a 50 day moving average price of $14.02 and a 200 day moving average price of $13.86.

Contineum Therapeutics (NASDAQ:CTNM) last released its earnings results on Thursday, July 30th. The company reported ($0.40) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.45) by $0.05. As a group, equities research analysts predict that Contineum Therapeutics, Inc. will post -1.68 earnings per share for the current year.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. Suvretta Capital Management LLC increased its holdings in shares of Contineum Therapeutics by 65.2% in the fourth quarter. Suvretta Capital Management LLC now owns 2,841,334 shares of the company’s stock valued at $32,476,000 after buying an additional 1,121,334 shares in the last quarter. Janus Henderson Group PLC raised its position in shares of Contineum Therapeutics by 11.7% during the first quarter. Janus Henderson Group PLC now owns 2,734,836 shares of the company’s stock worth $35,594,000 after purchasing an additional 285,857 shares during the period. RA Capital Management L.P. boosted its position in shares of Contineum Therapeutics by 2.7% in the 4th quarter. RA Capital Management L.P. now owns 2,179,711 shares of the company’s stock valued at $24,914,000 after purchasing an additional 57,711 shares during the period. Franklin Resources Inc. increased its stake in Contineum Therapeutics by 13.5% in the 4th quarter. Franklin Resources Inc. now owns 1,879,367 shares of the company’s stock worth $21,481,000 after purchasing an additional 223,819 shares in the last quarter. Finally, Balyasny Asset Management L.P. lifted its stake in Contineum Therapeutics by 93.7% during the fourth quarter. Balyasny Asset Management L.P. now owns 1,842,800 shares of the company’s stock valued at $21,063,000 after buying an additional 891,480 shares in the last quarter.

Contineum Therapeutics Company Profile

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.