Contineum Therapeutics (NASDAQ:CTNM) Stock Price Up 2.2% – Here’s What Happened

Contineum Therapeutics, Inc. (NASDAQ:CTNM)’s stock price shot up 2.2% on Wednesday . The stock traded as high as $13.46 and last traded at $13.25. 1,154,066 shares traded hands during trading, an increase of 294% from the average session volume of 293,095 shares. The stock had previously closed at $12.97.

Analysts Set New Price Targets

A number of research analysts have commented on CTNM shares. Robert W. Baird upped their price objective on Contineum Therapeutics from $14.00 to $20.00 and gave the company an “outperform” rating in a report on Friday, March 6th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Contineum Therapeutics in a research report on Wednesday, January 21st. Wall Street Zen cut Contineum Therapeutics from a “hold” rating to a “sell” rating in a research report on Saturday, March 7th. Finally, Morgan Stanley reiterated an “equal weight” rating and set a $14.00 price objective (down from $23.00) on shares of Contineum Therapeutics in a research report on Thursday, January 8th. Four investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $19.50.

Contineum Therapeutics Stock Up 2.2%

The company’s fifty day moving average price is $13.96 and its 200 day moving average price is $12.43. The company has a market capitalization of $494.76 million, a P/E ratio of -6.08 and a beta of 1.38.

Contineum Therapeutics (NASDAQ:CTNM) last announced its earnings results on Thursday, March 5th. The company reported ($0.49) EPS for the quarter, topping the consensus estimate of ($0.50) by $0.01. Research analysts predict that Contineum Therapeutics, Inc. will post -2.01 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in CTNM. Strs Ohio bought a new position in Contineum Therapeutics in the first quarter valued at approximately $27,000. China Universal Asset Management Co. Ltd. bought a new position in Contineum Therapeutics in the fourth quarter valued at approximately $43,000. Qube Research & Technologies Ltd bought a new position in Contineum Therapeutics in the second quarter valued at approximately $43,000. Marex Group plc bought a new position in Contineum Therapeutics in the second quarter valued at approximately $45,000. Finally, Bridgeway Capital Management LLC bought a new position in Contineum Therapeutics in the second quarter valued at approximately $76,000.

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.