Contineum Therapeutics (NASDAQ:CTNM) Posts Earnings Results, Beats Estimates By $0.16 EPS

Contineum Therapeutics (NASDAQ:CTNM) released its quarterly earnings results on Tuesday. The company reported ($0.39) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.55) by $0.16, FiscalAI reports.

Contineum Therapeutics Stock Down 3.3%

CTNM stock traded down $0.50 during midday trading on Thursday, reaching $14.45. The stock had a trading volume of 85,543 shares, compared to its average volume of 279,255. The firm has a market cap of $539.38 million, a price-to-earnings ratio of -7.41 and a beta of 0.89. Contineum Therapeutics has a twelve month low of $3.35 and a twelve month high of $16.33. The business has a fifty day simple moving average of $13.44 and a two-hundred day simple moving average of $12.56.

Hedge Funds Weigh In On Contineum Therapeutics

Several institutional investors have recently modified their holdings of the stock. Independent Financial Group LLC acquired a new position in shares of Contineum Therapeutics during the 1st quarter worth about $353,000. Cannon Global Investment Management LLC acquired a new position in shares of Contineum Therapeutics during the 1st quarter worth about $170,000. Ikarian Capital LLC acquired a new position in shares of Contineum Therapeutics during the 4th quarter worth about $3,233,000. Sphera Funds Management LTD. acquired a new position in shares of Contineum Therapeutics during the 4th quarter worth about $1,983,000. Finally, Suvretta Capital Management LLC grew its position in shares of Contineum Therapeutics by 65.2% during the 4th quarter. Suvretta Capital Management LLC now owns 2,841,334 shares of the company’s stock worth $32,476,000 after buying an additional 1,121,334 shares during the period.

Wall Street Analysts Forecast Growth

CTNM has been the subject of a number of research analyst reports. Morgan Stanley reaffirmed an “equal weight” rating and issued a $14.00 price target (down from $23.00) on shares of Contineum Therapeutics in a report on Thursday, January 8th. Wall Street Zen cut Contineum Therapeutics from a “hold” rating to a “sell” rating in a report on Saturday, March 7th. Robert W. Baird lifted their price objective on Contineum Therapeutics from $14.00 to $20.00 and gave the stock an “outperform” rating in a research report on Friday, March 6th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Contineum Therapeutics in a research report on Monday, April 20th. Four investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $19.50.

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.