Stock Traders Purchase High Volume of Put Options on Contineum Therapeutics (NASDAQ:CTNM)

Contineum Therapeutics, Inc. (NASDAQ:CTNM) saw unusually large options trading on Monday. Stock investors purchased 4,925 put options on the company. This represents an increase of approximately 858% compared to the average volume of 514 put options.

Contineum Therapeutics Trading Down 3.0%

Shares of Contineum Therapeutics stock opened at $8.17 on Wednesday. The firm has a market capitalization of $307.24 million, a PE ratio of -4.70 and a beta of 0.86. Contineum Therapeutics has a twelve month low of $8.10 and a twelve month high of $17.78. The firm’s 50-day moving average price is $14.47 and its 200 day moving average price is $13.88.

Contineum Therapeutics (NASDAQ:CTNM) last posted its quarterly earnings data 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, sell-side analysts predict that Contineum Therapeutics will post -1.68 EPS for the current fiscal year.

Institutional Trading of Contineum Therapeutics

Several large investors have recently made changes to their positions in CTNM. 683 Capital Management LLC acquired a new stake in Contineum Therapeutics during the 4th quarter worth $1,045,000. Seven Fleet Capital Management LP grew its holdings in shares of Contineum Therapeutics by 123.8% during the second quarter. Seven Fleet Capital Management LP now owns 60,541 shares of the company’s stock worth $992,000 after buying an additional 33,487 shares in the last quarter. Janus Henderson Group PLC raised its position 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 valued at $35,594,000 after buying an additional 285,857 shares during the last quarter. 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 buying an additional 1,343,168 shares during the last quarter. Finally, Wellington Management Group LLP raised its position in shares of Contineum Therapeutics by 171.2% in the second quarter. Wellington Management Group LLP now owns 150,797 shares of the company’s stock valued at $2,472,000 after buying an additional 95,188 shares during the last quarter.

Wall Street Analyst Weigh In

CTNM has been the subject of a number of recent analyst reports. Stifel Nicolaus set a $28.00 price objective on Contineum Therapeutics in a research report on Wednesday, September 30th. Wall Street Zen lowered Contineum Therapeutics from a “hold” rating to a “sell” rating in a research report on Saturday, September 19th. Weiss Ratings reissued a “sell (d-)” rating on shares of Contineum Therapeutics in a research note on Friday, July 17th. Morgan Stanley cut their price target on shares of Contineum Therapeutics from $18.00 to $17.00 and set an “equal weight” rating for the company in a report on Monday, September 28th. Finally, Robert W. Baird lowered shares of Contineum Therapeutics from an “outperform” rating to a “neutral” rating and cut their price target for the stock from $19.00 to $14.00 in a report on Tuesday. Three equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, Contineum Therapeutics has a consensus rating of “Hold” and a consensus target price of $21.33.

Contineum Therapeutics Company Profile

Contineum Therapeutics, Inc is a clinical-stage biotechnology company focused on developing medicines for diseases of the central nervous system. The company’s research is centered on therapeutics designed to promote remyelination, the repair of damaged myelin that supports nerve function, and to address neuroinflammation and other mechanisms involved in neurological disorders.

Contineum’s pipeline includes PIPE-307, an oral, selective M1 muscarinic receptor antagonist being investigated for its potential to promote remyelination in multiple sclerosis.