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

Contineum Therapeutics, Inc. (NASDAQ:CTNM) 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.

Analyst Ratings Changes

CTNM has been the topic of several research analyst reports. Weiss Ratings restated a “sell (d-)” rating on shares of Contineum Therapeutics in a report on Friday, July 17th. Royal Bank Of Canada increased 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 upgraded shares of Contineum Therapeutics from a “sell” rating to a “hold” rating in a research report on Sunday, August 23rd. Finally, Morgan Stanley increased their price objective on shares of Contineum Therapeutics from $14.00 to $16.00 and gave the stock an “equal weight” rating in a research report on Thursday, May 14th. Three equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $20.25.

Contineum Therapeutics Trading Down 0.8%

The firm’s fifty day simple moving average is $15.39 and its 200 day simple moving average is $14.07. The company has a market cap of $565.28 million, a price-to-earnings ratio of -8.69 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, sell-side analysts expect that Contineum Therapeutics, Inc. will post -1.68 EPS for the current year.

Institutional Trading of Contineum Therapeutics

A number of hedge funds and other institutional investors have recently bought and sold shares of CTNM. Janus Henderson Group PLC acquired a new stake in Contineum Therapeutics in the fourth quarter valued at $27,906,000. RA Capital Management L.P. purchased a new stake in Contineum Therapeutics during the third quarter worth approximately $24,934,000. Baker BROS. Advisors LP boosted 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 purchasing an additional 1,343,168 shares in the last quarter. Suvretta Capital Management LLC boosted 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 purchasing an additional 1,121,334 shares in the last quarter. Finally, Balyasny Asset Management L.P. purchased a new position in Contineum Therapeutics in the third quarter valued at approximately $11,178,000.

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.