Contineum Therapeutics (NASDAQ:CTNM) Shares Up 6.3% – Here’s What Happened

Contineum Therapeutics, Inc. (NASDAQ:CTNM) was up 6.3% during mid-day trading on Wednesday . The company traded as high as $14.81 and last traded at $14.7690. Approximately 82,522 shares traded hands during trading, a decline of 72% from the average daily volume of 293,597 shares. The stock had previously closed at $13.90.

Wall Street Analyst Weigh In

A number of research analysts recently commented on the stock. Wall Street Zen upgraded shares of Contineum Therapeutics from a “sell” rating to a “hold” rating in a research note on Saturday, May 9th. Weiss Ratings restated a “sell (d-)” rating on shares of Contineum Therapeutics in a report on Friday. Finally, Morgan Stanley upped their target price on Contineum Therapeutics from $14.00 to $16.00 and gave the company an “equal weight” rating in a research report on Thursday, May 14th. Three analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $20.00.

Contineum Therapeutics Stock Up 6.6%

The firm has a market capitalization of $553.93 million, a price-to-earnings ratio of -7.60 and a beta of 0.70. The company’s 50 day moving average is $13.49 and its 200 day moving average is $13.39.

Contineum Therapeutics (NASDAQ:CTNM) last posted its quarterly earnings data on Tuesday, May 5th. The company reported ($0.39) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.55) by $0.16. On average, analysts expect that Contineum Therapeutics, Inc. will post -1.68 EPS for the current year.

Institutional Investors Weigh In On Contineum Therapeutics

Several institutional investors have recently made changes to their positions in CTNM. Janus Henderson Group PLC bought a new position in Contineum Therapeutics during the 4th quarter worth $27,906,000. RA Capital Management L.P. bought a new stake in shares of Contineum Therapeutics during the 3rd quarter valued at $24,934,000. Baker BROS. Advisors LP grew its holdings 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 in the last quarter. Suvretta Capital Management LLC grew its holdings in shares of Contineum Therapeutics by 65.2% during the 4th quarter. Suvretta Capital Management LLC now owns 2,841,334 shares of the company’s stock worth $32,476,000 after purchasing an additional 1,121,334 shares in the last quarter. Finally, Balyasny Asset Management L.P. bought a new position in shares of Contineum Therapeutics in the third quarter worth $11,178,000.

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.