Contineum Therapeutics (NASDAQ:CTNM) Stock Price Up 15.5% – What’s Next?

Shares of Contineum Therapeutics, Inc. (NASDAQ:CTNM) were up 15.5% during trading on Wednesday. The stock traded as high as $13.55 and last traded at $13.2780. 1,073,445 shares traded hands during trading, an increase of 202% from the average session volume of 355,731 shares. The stock had previously closed at $11.50.

Analysts Set New Price Targets

A number of brokerages have issued reports on CTNM. JonesTrading reduced their price objective on shares of Contineum Therapeutics from $26.00 to $24.00 and set a “buy” rating on the stock in a research note on Tuesday, September 15th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Contineum Therapeutics in a report on Friday, July 17th. 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. Morgan Stanley dropped their price target on Contineum Therapeutics from $18.00 to $17.00 and set an “equal weight” rating on the stock in a research note on Monday. Finally, Wall Street Zen lowered Contineum Therapeutics from a “hold” rating to a “sell” rating in a research note on Saturday, September 19th. Four research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $22.17.

Contineum Therapeutics Stock Down 3.2%

The firm has a market capitalization of $488.68 million, a PE ratio of -7.51 and a beta of 0.86. The company’s fifty day simple moving average is $14.96 and its 200 day simple moving average is $13.92.

Contineum Therapeutics (NASDAQ:CTNM) last announced its quarterly earnings data on Thursday, July 30th. The company reported ($0.40) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.45) by $0.05. Equities research analysts forecast that Contineum Therapeutics, Inc. will post -1.68 EPS for the current year.

Hedge Funds Weigh In On Contineum Therapeutics

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Baker BROS. Advisors LP boosted its stake in shares of Contineum Therapeutics by 1,729.3% during the 4th quarter. Baker BROS. Advisors LP now owns 1,420,838 shares of the company’s stock worth $16,240,000 after purchasing an additional 1,343,168 shares during the period. Commodore Capital LP bought a new stake in shares of Contineum Therapeutics in the 4th quarter valued at about $9,331,000. Janus Henderson Group PLC grew its holdings in 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 purchasing an additional 285,857 shares during the last quarter. Monashee Investment Management LLC purchased a new stake in Contineum Therapeutics during the 4th quarter valued at about $1,571,000. Finally, Wellington Management Group LLP increased its stake 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 worth $2,472,000 after acquiring an additional 95,188 shares during the period.

Contineum Therapeutics Company Profile

Contineum Therapeutics, formerly known as Pipeline Therapeutics, is a clinical-stage biopharmaceutical company focused on developing small-molecule medicines for diseases of the central nervous system. The company’s research is aimed at promoting remyelination and neurorepair, processes that may restore damaged nerve function rather than solely managing disease symptoms.

Contineum’s lead programs include PIPE-307, an oral, brain-penetrant therapy designed to promote remyelination through selective inhibition of the M1 muscarinic receptor, and PIPE-791, an oral antagonist of the lysophosphatidic acid receptor 1.