JonesTrading Forecasts Strong Price Appreciation for Contineum Therapeutics (NASDAQ:CTNM) Stock

Contineum Therapeutics (NASDAQ:CTNM) had its price objective upped by analysts at JonesTrading from $24.00 to $30.00 in a research note issued to investors on Thursday, Benzinga reports. The firm presently has a “buy” rating on the stock. JonesTrading’s price objective indicates a potential upside of 275.61% from the company’s current price.

Several other research firms have also recently commented on CTNM. Stifel Nicolaus set a $28.00 price target on shares of Contineum Therapeutics in a report on Wednesday, September 30th. Robert W. Baird lowered shares of Contineum Therapeutics from an “outperform” rating to a “neutral” rating and dropped their price objective for the company from $19.00 to $14.00 in a research note on Tuesday. Royal Bank Of Canada increased their target price on shares of Contineum Therapeutics from $22.00 to $23.00 and gave the stock an “outperform” rating in a research report on Friday, July 31st. Wall Street Zen downgraded shares of Contineum Therapeutics from a “hold” rating to a “sell” rating in a research report on Saturday, September 19th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Contineum Therapeutics in a research note on Friday, July 17th. Three research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $22.33.

Contineum Therapeutics Stock Down 1.9%

Shares of Contineum Therapeutics stock traded down $0.15 during midday trading on Thursday, hitting $7.99. The company’s stock had a trading volume of 267,526 shares, compared to its average volume of 429,864. Contineum Therapeutics has a 1-year low of $7.96 and a 1-year high of $17.78. The firm has a market capitalization of $300.48 million, a P/E ratio of -4.63 and a beta of 0.86. The stock has a 50-day simple moving average of $14.32 and a 200-day simple moving average of $13.84.

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, topping the consensus estimate of ($0.45) by $0.05. As a group, sell-side analysts predict that Contineum Therapeutics will post -1.68 earnings per share for the current year.

Institutional Investors Weigh In On Contineum Therapeutics

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Royal Bank of Canada grew its stake in shares of Contineum Therapeutics by 73.5% in the 1st quarter. Royal Bank of Canada now owns 5,794 shares of the company’s stock valued at $76,000 after buying an additional 2,454 shares in the last quarter. Cannon Global Investment Management LLC acquired a new position in Contineum Therapeutics in the first quarter worth approximately $170,000. Independent Financial Group LLC acquired a new position in Contineum Therapeutics in the first quarter worth approximately $353,000. Seven Fleet Capital Management LP bought a new position in Contineum Therapeutics during the first quarter valued at approximately $353,000. Finally, Bank of America Corp DE raised its position in Contineum Therapeutics by 411.9% during the first quarter. Bank of America Corp DE now owns 47,449 shares of the company’s stock valued at $620,000 after acquiring an additional 38,180 shares in the last quarter.

About Contineum Therapeutics

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.