Contineum Therapeutics (NASDAQ:CTNM) Stock Price Up 15.5% – Here’s Why

Contineum Therapeutics, Inc. (NASDAQ:CTNM) shot up 15.5% during trading on Wednesday. The stock traded as high as $13.55 and last traded at $13.2780. Approximately 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.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on CTNM. Morgan Stanley lowered their target price on shares of Contineum Therapeutics from $18.00 to $17.00 and set an “equal weight” rating for the company in a research note on Monday. Stifel Nicolaus set a $28.00 price objective on Contineum Therapeutics in a report on Wednesday. Wall Street Zen downgraded Contineum Therapeutics from a “hold” rating to a “sell” rating in a research note on Saturday, September 19th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Contineum Therapeutics in a research report on Friday, July 17th. Finally, Robert W. Baird decreased their price target on Contineum Therapeutics from $20.00 to $19.00 and set an “outperform” rating for the company in a research note on Tuesday, September 15th. Four equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $22.17.

Contineum Therapeutics Stock Up 16.2%

The company’s 50 day moving average price is $15.02 and its 200 day moving average price is $13.92. The firm has a market capitalization of $502.60 million, a price-to-earnings ratio of -7.72 and a beta of 0.75.

Contineum Therapeutics (NASDAQ:CTNM) last announced its quarterly earnings data 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. As a group, analysts expect that Contineum Therapeutics, Inc. will post -1.68 earnings per share for the current year.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the company. Royal Bank of Canada raised its stake in shares of Contineum Therapeutics by 73.5% in the first quarter. Royal Bank of Canada now owns 5,794 shares of the company’s stock worth $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 in the first quarter valued at approximately $170,000. Seven Fleet Capital Management LP acquired a new position in Contineum Therapeutics in the 1st quarter worth approximately $353,000. Independent Financial Group LLC acquired a new position in Contineum Therapeutics in the 1st quarter worth approximately $353,000. Finally, Bank of America Corp DE raised its position in Contineum Therapeutics by 411.9% during the 1st quarter. Bank of America Corp DE now owns 47,449 shares of the company’s stock worth $620,000 after buying an additional 38,180 shares during the last quarter.

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.