Contineum Therapeutics (NASDAQ:CTNM) Sets New 1-Year High – Here’s What Happened

Contineum Therapeutics, Inc. (NASDAQ:CTNM)’s stock price hit a new 52-week high during mid-day trading on Friday . The company traded as high as $16.91 and last traded at $16.91, with a volume of 80193 shares traded. The stock had previously closed at $16.02.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on the stock. Weiss Ratings reissued a “sell (d-)” rating on shares of Contineum Therapeutics in a research note on Friday, July 17th. Royal Bank Of Canada upped their target price on shares of Contineum Therapeutics from $22.00 to $23.00 and gave the stock an “outperform” rating in a research note on Friday, July 31st. Wall Street Zen lowered shares of Contineum Therapeutics from a “hold” rating to a “sell” rating in a report on Saturday, August 15th. Finally, Morgan Stanley raised their price target on shares of Contineum Therapeutics from $14.00 to $16.00 and gave the company an “equal weight” rating in a research report on Thursday, May 14th. Three research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $20.25.

Contineum Therapeutics Trading Up 7.5%

The company has a market cap of $647.82 million, a PE ratio of -9.95 and a beta of 0.74. The company has a fifty day simple moving average of $14.37 and a two-hundred day simple moving average of $13.90.

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

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in CTNM. Janus Henderson Group PLC purchased a new stake in shares of Contineum Therapeutics during the 4th quarter worth $27,906,000. RA Capital Management L.P. acquired a new position in shares of Contineum Therapeutics during the third quarter worth $24,934,000. Baker BROS. Advisors LP increased its holdings 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 valued at $16,240,000 after buying an additional 1,343,168 shares during the last quarter. Suvretta Capital Management LLC increased its holdings 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 valued at $32,476,000 after buying an additional 1,121,334 shares during the last quarter. Finally, Balyasny Asset Management L.P. acquired a new stake in Contineum Therapeutics in the third quarter valued at $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.