Contineum Therapeutics, Inc. (NASDAQ:CTNM) Sees Significant Decline in Short Interest

Contineum Therapeutics, Inc. (NASDAQ:CTNM) was the target of a large decrease in short interest in April. As of April 30th, there was short interest totaling 1,605,258 shares, a decrease of 48.2% from the April 15th total of 3,098,809 shares. Based on an average daily volume of 239,404 shares, the short-interest ratio is presently 6.7 days. Currently, 4.8% of the shares of the stock are short sold.

Analyst Ratings Changes

CTNM has been the subject of a number of recent research reports. Robert W. Baird upped their target price on Contineum Therapeutics from $14.00 to $20.00 and gave the stock an “outperform” rating in a report on Friday, March 6th. Morgan Stanley upped their target price on Contineum Therapeutics from $14.00 to $16.00 and gave the stock an “equal weight” rating in a report on Thursday. Wall Street Zen raised Contineum Therapeutics from a “sell” rating to a “hold” rating in a report on Saturday, May 9th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Contineum Therapeutics in a report on Monday, April 20th. Four analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $20.00.

Contineum Therapeutics Stock Performance

Shares of CTNM stock traded down $0.49 on Friday, hitting $13.72. The company had a trading volume of 181,201 shares, compared to its average volume of 209,139. The firm has a market cap of $512.99 million, a P/E ratio of -7.04 and a beta of 0.89. The stock’s 50-day moving average is $13.27 and its two-hundred day moving average is $12.70. Contineum Therapeutics has a twelve month low of $3.35 and a twelve month high of $16.33.

Contineum Therapeutics (NASDAQ:CTNM) last issued its quarterly earnings results on Tuesday, May 5th. The company reported ($0.39) earnings per share for the quarter, beating the consensus estimate of ($0.55) by $0.16. Equities research analysts predict that Contineum Therapeutics will post -1.88 EPS for the current year.

Institutional Investors Weigh In On Contineum Therapeutics

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Suvretta Capital Management LLC increased its stake in shares of Contineum Therapeutics by 65.2% in the fourth quarter. Suvretta Capital Management LLC now owns 2,841,334 shares of the company’s stock valued at $32,476,000 after buying an additional 1,121,334 shares during the period. Janus Henderson Group PLC bought a new stake in shares of Contineum Therapeutics during the 4th quarter valued at about $27,906,000. RA Capital Management L.P. boosted its position in shares of Contineum Therapeutics by 2.7% during the 4th quarter. RA Capital Management L.P. now owns 2,179,711 shares of the company’s stock valued at $24,914,000 after purchasing an additional 57,711 shares in the last quarter. Franklin Resources Inc. boosted its position in shares of Contineum Therapeutics by 13.5% during the 4th quarter. Franklin Resources Inc. now owns 1,879,367 shares of the company’s stock valued at $21,481,000 after purchasing an additional 223,819 shares in the last quarter. Finally, Balyasny Asset Management L.P. boosted its position in shares of Contineum Therapeutics by 93.7% during the 4th quarter. Balyasny Asset Management L.P. now owns 1,842,800 shares of the company’s stock valued at $21,063,000 after purchasing an additional 891,480 shares in the last quarter.

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.