Bank of America Corp DE Increases Stake in Contineum Therapeutics, Inc. (NASDAQ:CTNM)

Bank of America Corp DE raised its stake in shares of Contineum Therapeutics, Inc. (NASDAQ:CTNM) by 63.4% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 9,132 shares of the company’s stock after buying an additional 3,542 shares during the quarter. Bank of America Corp DE’s holdings in Contineum Therapeutics were worth $134,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in the stock. Legal & General Group Plc grew its holdings in shares of Contineum Therapeutics by 74.0% during the fourth quarter. Legal & General Group Plc now owns 3,631 shares of the company’s stock worth $53,000 after purchasing an additional 1,544 shares in the last quarter. Corebridge Financial Inc. increased its stake in shares of Contineum Therapeutics by 73.1% during the fourth quarter. Corebridge Financial Inc. now owns 5,215 shares of the company’s stock valued at $76,000 after buying an additional 2,202 shares during the period. MetLife Investment Management LLC purchased a new position in shares of Contineum Therapeutics during the fourth quarter valued at approximately $103,000. Rhumbline Advisers increased its stake in shares of Contineum Therapeutics by 36.3% during the fourth quarter. Rhumbline Advisers now owns 8,233 shares of the company’s stock valued at $121,000 after buying an additional 2,191 shares during the period. Finally, Wells Fargo & Company MN raised its holdings in Contineum Therapeutics by 419.3% in the fourth quarter. Wells Fargo & Company MN now owns 10,755 shares of the company’s stock worth $158,000 after purchasing an additional 8,684 shares in the last quarter.

Contineum Therapeutics Trading Down 3.2%

NASDAQ CTNM opened at $4.29 on Tuesday. Contineum Therapeutics, Inc. has a 12 month low of $3.35 and a 12 month high of $22.00. The stock has a market cap of $110.99 million, a P/E ratio of -2.18 and a beta of 0.52. The stock’s fifty day moving average price is $4.19 and its 200-day moving average price is $8.09.

Contineum Therapeutics (NASDAQ:CTNM) last released its earnings results on Wednesday, May 14th. The company reported ($0.62) EPS for the quarter, missing analysts’ consensus estimates of ($0.56) by ($0.06). As a group, analysts forecast that Contineum Therapeutics, Inc. will post -2.01 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of equities analysts have issued reports on the company. Jones Trading assumed coverage on Contineum Therapeutics in a report on Thursday, March 13th. They issued a “buy” rating and a $23.00 price objective for the company. Morgan Stanley decreased their price objective on Contineum Therapeutics from $25.00 to $20.00 and set an “overweight” rating for the company in a report on Monday, May 19th. Robert W. Baird decreased their price objective on Contineum Therapeutics from $32.00 to $16.00 and set an “outperform” rating for the company in a report on Friday, March 7th. Finally, Royal Bank of Canada reiterated an “outperform” rating and issued a $31.00 price objective on shares of Contineum Therapeutics in a report on Thursday, May 15th. Four analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Contineum Therapeutics has a consensus rating of “Buy” and a consensus target price of $22.50.

Contineum Therapeutics 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).