Contineum Therapeutics (NASDAQ:CTNM) Stock Price Down 9.9% After Analyst Downgrade

Contineum Therapeutics, Inc. (NASDAQ:CTNM) shares fell 9.9% during mid-day trading on Tuesday after Robert W. Baird lowered their price target on the stock from $20.00 to $19.00. Robert W. Baird currently has an outperform rating on the stock. Contineum Therapeutics traded as low as $13.08 and last traded at $13.3550. Approximately 77,867 shares were traded during trading, a decline of 76% from the average session volume of 323,751 shares. The stock had previously closed at $14.82.

Several other research firms have also recently weighed in on CTNM. Royal Bank Of Canada upped their price objective on shares of Contineum Therapeutics from $22.00 to $23.00 and gave the stock an “outperform” rating in a research report on Friday, July 31st. Weiss Ratings reissued a “sell (d-)” rating on shares of Contineum Therapeutics in a research note on Friday, July 17th. Finally, Wall Street Zen upgraded shares of Contineum Therapeutics from a “sell” rating to a “hold” rating in a research report on Sunday, August 23rd. Three equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $20.00.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of CTNM. Janus Henderson Group PLC boosted its holdings in Contineum Therapeutics by 11.7% during the 1st quarter. Janus Henderson Group PLC now owns 2,734,836 shares of the company’s stock valued at $35,594,000 after acquiring an additional 285,857 shares during the period. Baker BROS. Advisors LP increased its stake in Contineum Therapeutics by 1,729.3% in the 4th quarter. Baker BROS. Advisors LP now owns 1,420,838 shares of the company’s stock worth $16,240,000 after purchasing an additional 1,343,168 shares during the period. Commodore Capital LP bought a new stake in Contineum Therapeutics in the fourth quarter valued at approximately $9,331,000. UBS Group AG lifted its position in Contineum Therapeutics by 191.1% in the fourth quarter. UBS Group AG now owns 199,389 shares of the company’s stock valued at $2,279,000 after purchasing an additional 130,885 shares during the last quarter. Finally, Wellington Management Group LLP boosted its stake in shares of Contineum Therapeutics by 171.2% during the second quarter. Wellington Management Group LLP now owns 150,797 shares of the company’s stock valued at $2,472,000 after purchasing an additional 95,188 shares during the period.

Contineum Therapeutics Price Performance

The stock has a market cap of $502.42 million, a PE ratio of -7.74 and a beta of 0.75. The business has a 50 day moving average price of $15.36 and a two-hundred day moving average price of $14.05.

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

About Contineum Therapeutics

Contineum Therapeutics, formerly known as Pipeline Therapeutics, is a clinical-stage biopharmaceutical company focused on developing small-molecule medicines for diseases of the central nervous system. The company’s research is aimed at promoting remyelination and neurorepair, processes that may restore damaged nerve function rather than solely managing disease symptoms.

Contineum’s lead programs include PIPE-307, an oral, brain-penetrant therapy designed to promote remyelination through selective inhibition of the M1 muscarinic receptor, and PIPE-791, an oral antagonist of the lysophosphatidic acid receptor 1.