Contineum Therapeutics (NASDAQ:CTNM) Shares Gap Down – Here’s Why

Contineum Therapeutics, Inc. (NASDAQ:CTNM) shares gapped down before the market opened on Thursday . The stock had previously closed at $15.94, but opened at $14.97. Contineum Therapeutics shares last traded at $15.0110, with a volume of 18,282 shares traded.

Wall Street Analyst Weigh In

A number of research firms have weighed in on CTNM. Morgan Stanley lifted their price objective on Contineum Therapeutics from $14.00 to $16.00 and gave the company an “equal weight” rating in a research note on Thursday, May 14th. Wall Street Zen upgraded Contineum Therapeutics from a “sell” rating to a “hold” rating in a research note on Sunday, August 23rd. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Contineum Therapeutics in a report on Friday, July 17th. Finally, Royal Bank Of Canada lifted their price target on Contineum Therapeutics from $22.00 to $23.00 and gave the company an “outperform” rating in a research report on Friday, July 31st. Three research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $20.25.

Contineum Therapeutics Stock Down 0.8%

The business has a 50-day simple moving average of $15.39 and a 200-day simple moving average of $14.07. The company has a market cap of $565.28 million, a PE ratio of -8.69 and a beta of 0.75.

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

Institutional Investors Weigh In On Contineum Therapeutics

Several hedge funds and other institutional investors have recently bought and sold shares of CTNM. Janus Henderson Group PLC purchased a new stake in shares of Contineum Therapeutics during the 4th quarter valued at approximately $27,906,000. RA Capital Management L.P. acquired a new position in Contineum Therapeutics in the third quarter valued at approximately $24,934,000. Baker BROS. Advisors LP grew its position in 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 worth $16,240,000 after acquiring an additional 1,343,168 shares during the period. Suvretta Capital Management LLC grew its position in Contineum Therapeutics by 65.2% in the fourth quarter. Suvretta Capital Management LLC now owns 2,841,334 shares of the company’s stock worth $32,476,000 after acquiring an additional 1,121,334 shares during the period. Finally, Balyasny Asset Management L.P. acquired a new stake in Contineum Therapeutics during the third quarter worth $11,178,000.

About Contineum Therapeutics

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.