Contineum Therapeutics (NASDAQ:CTNM) Stock Sees Unusually High Put Option Buying

Contineum Therapeutics, Inc. (NASDAQ:CTNM) was the target of some unusual options trading on Monday. Stock traders purchased 4,925 put options on the company. This represents an increase of 858% compared to the average volume of 514 put options.

Contineum Therapeutics Price Performance

Shares of NASDAQ:CTNM traded down $4.46 during midday trading on Monday, reaching $8.91. The company’s stock had a trading volume of 5,559,827 shares, compared to its average volume of 400,504. Contineum Therapeutics has a fifty-two week low of $8.43 and a fifty-two week high of $17.78. The company has a market capitalization of $335.39 million, a P/E ratio of -5.16 and a beta of 0.86. The business’s fifty day simple moving average is $14.76 and its 200-day simple moving average is $13.94.

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

Analyst Ratings Changes

Several research analysts recently commented on CTNM shares. JonesTrading reduced their target price on Contineum Therapeutics from $26.00 to $24.00 and set a “buy” rating for the company in a research report on Tuesday, September 15th. Robert W. Baird decreased their price target on Contineum Therapeutics from $20.00 to $19.00 and set an “outperform” rating on the stock in a research note on Tuesday, September 15th. Stifel Nicolaus set a $28.00 price objective on Contineum Therapeutics in a research note on Wednesday, September 30th. Wall Street Zen cut Contineum Therapeutics from a “hold” rating to a “sell” rating in a report on Saturday, September 19th. Finally, Morgan Stanley reduced their target price on shares of Contineum Therapeutics from $18.00 to $17.00 and set an “equal weight” rating on the stock in a research note on Monday, September 28th. 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. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $22.17.

Institutional Investors Weigh In On Contineum Therapeutics

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Baker BROS. Advisors LP raised its stake in shares of 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 last quarter. Commodore Capital LP bought a new stake in shares of Contineum Therapeutics during the fourth quarter valued at approximately $9,331,000. Janus Henderson Group PLC grew its stake in shares of Contineum Therapeutics by 11.7% during the first quarter. Janus Henderson Group PLC now owns 2,734,836 shares of the company’s stock valued at $35,594,000 after purchasing an additional 285,857 shares during the last quarter. Wellington Management Group LLP increased its holdings in shares of Contineum Therapeutics by 171.2% in the second quarter. Wellington Management Group LLP now owns 150,797 shares of the company’s stock valued at $2,472,000 after purchasing an additional 95,188 shares in the last quarter. Finally, 683 Capital Management LLC acquired a new stake in shares of Contineum Therapeutics in the fourth quarter valued at approximately $1,045,000.

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.