Contineum Therapeutics (NASDAQ:CTNM) Sets New 52-Week High – Here’s Why

Contineum Therapeutics, Inc. (NASDAQ:CTNM) reached a new 52-week high during trading on Thursday . The company traded as high as $17.55 and last traded at $17.5050, with a volume of 26867 shares changing hands. The stock had previously closed at $17.24.

Analysts Set New Price Targets

CTNM has been the topic of a number of recent analyst reports. Morgan Stanley raised their target price on Contineum Therapeutics from $14.00 to $16.00 and gave the stock an “equal weight” rating in a report on Thursday, May 14th. Royal Bank Of Canada upped their price target on Contineum Therapeutics from $22.00 to $23.00 and gave the company an “outperform” rating in a research note on Friday, July 31st. Weiss Ratings reiterated a “sell (d-)” rating on shares of Contineum Therapeutics in a research report on Friday, July 17th. Finally, Wall Street Zen raised shares of Contineum Therapeutics from a “sell” rating to a “hold” rating in a research note on Sunday, August 23rd. Three research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $20.25.

Contineum Therapeutics Trading Down 5.0%

The company has a 50 day moving average of $15.37 and a 200 day moving average of $14.06. The firm has a market cap of $628.27 million, a price-to-earnings ratio of -9.65 and a beta of 0.75.

Contineum Therapeutics (NASDAQ:CTNM) last posted its earnings results on Thursday, July 30th. The company reported ($0.40) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.45) by $0.05. Equities analysts forecast that Contineum Therapeutics, Inc. will post -1.68 EPS for the current fiscal year.

Hedge Funds Weigh In On Contineum Therapeutics

Institutional investors and hedge funds have recently modified their holdings of the business. Janus Henderson Group PLC bought a new position in Contineum Therapeutics in the fourth quarter valued at approximately $27,906,000. RA Capital Management L.P. bought a new stake in shares of Contineum Therapeutics during the third quarter worth $24,934,000. Baker BROS. Advisors LP increased its position in shares of Contineum Therapeutics by 1,729.3% during the fourth quarter. Baker BROS. Advisors LP now owns 1,420,838 shares of the company’s stock worth $16,240,000 after acquiring an additional 1,343,168 shares in the last quarter. Suvretta Capital Management LLC raised its holdings in shares of Contineum Therapeutics by 65.2% during the fourth quarter. Suvretta Capital Management LLC now owns 2,841,334 shares of the company’s stock worth $32,476,000 after acquiring an additional 1,121,334 shares during the period. Finally, Balyasny Asset Management L.P. acquired a new stake in shares of Contineum Therapeutics during the third quarter worth $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.