Morgan Stanley Cuts Contineum Therapeutics (NASDAQ:CTNM) Price Target to $17.00

Contineum Therapeutics (NASDAQ:CTNM) had its target price lowered by Morgan Stanley from $18.00 to $17.00 in a research report sent to investors on Monday morning,Benzinga reports. The brokerage currently has an equal weight rating on the stock.

CTNM has been the subject of a number of other reports. Robert W. Baird decreased their price target on shares of Contineum Therapeutics from $20.00 to $19.00 and set an “outperform” rating for the company in a research report on Tuesday, September 15th. JonesTrading cut their price objective on Contineum Therapeutics from $26.00 to $24.00 and set a “buy” rating on the stock in a research report on Tuesday, September 15th. Weiss Ratings restated a “sell (d-)” rating on shares of Contineum Therapeutics in a research note on Friday, July 17th. Wall Street Zen downgraded Contineum Therapeutics from a “hold” rating to a “sell” rating in a research report on Saturday, September 19th. Finally, Royal Bank Of Canada increased their target price on Contineum Therapeutics from $22.00 to $23.00 and gave the company an “outperform” rating in a research note on Friday, July 31st. Four investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, Contineum Therapeutics currently has an average rating of “Moderate Buy” and an average price target of $22.17.

Contineum Therapeutics Stock Performance

NASDAQ CTNM opened at $13.42 on Monday. Contineum Therapeutics has a one year low of $8.60 and a one year high of $17.78. The company’s 50 day moving average price is $14.99 and its 200 day moving average price is $13.92. The firm has a market capitalization of $504.86 million, a price-to-earnings ratio of -7.76 and a beta of 0.75.

Contineum Therapeutics (NASDAQ:CTNM) last released 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. Sell-side analysts forecast that Contineum Therapeutics will post -1.68 EPS for the current fiscal year.

Institutional Trading of Contineum Therapeutics

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

About Contineum Therapeutics

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.