Morgan Stanley Cuts Contineum Therapeutics (NASDAQ:CTNM) Price Target to $17.00

Key Points

• Morgan Stanley lowered Contineum Therapeutics’ price target to $17 from $18 while maintaining an “equal weight” rating, implying about 35% upside from the stock’s $12.56 price.
• Analyst sentiment remains mixed but leans positive: the consensus rating is “Moderate Buy” with a $21 average price target, although recent firms have issued both upgrades and downgrades.
• Contineum reported quarterly EPS of -$0.40, beating estimates of -$0.45. The clinical-stage biotech is developing PIPE-307 and PIPE-791, oral therapies aimed at remyelination and neurorepair in central nervous system diseases.

Contineum Therapeutics (NASDAQ:CTNM - Get Free Report) had its price objective lowered by analysts at Morgan Stanley from $18.00 to $17.00 in a report issued on Monday, Benzinga reports. The firm presently has an "equal weight" rating on the stock. Morgan Stanley's price objective would indicate a potential upside of 35.35% from the stock's current price.

Several other analysts also recently weighed in on CTNM. Wall Street Zen downgraded Contineum Therapeutics from a "hold" rating to a "sell" rating in a research note on Saturday, September 19th. Robert W. Baird lowered their price objective on shares of Contineum Therapeutics from $20.00 to $19.00 and set an "outperform" rating on the stock in a research note on Tuesday, September 15th. JonesTrading lowered their target price on Contineum Therapeutics from $26.00 to $24.00 and set a "buy" rating on the stock in a report on Tuesday, September 15th. Weiss Ratings restated a "sell (d-)" rating on shares of Contineum Therapeutics in a report on Friday, July 17th. Finally, Royal Bank Of Canada upped their price objective on shares of Contineum Therapeutics from $22.00 to $23.00 and gave the company an "outperform" rating in a research note on Friday, July 31st. Four equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, Contineum Therapeutics presently has an average rating of "Moderate Buy" and a consensus price target of $21.00.

Contineum Therapeutics Price Performance

Shares of NASDAQ CTNM opened at $12.56 on Monday. The stock's 50 day moving average price is $15.08 and its two-hundred day moving average price is $13.95. Contineum Therapeutics has a 52-week low of $8.60 and a 52-week high of $17.78. The stock has a market capitalization of $472.51 million, a P/E ratio of -7.26 and a beta of 0.75.

Contineum Therapeutics (NASDAQ:CTNM - Get Free Report) last released its quarterly earnings data on Thursday, July 30th. The company reported ($0.40) EPS for the quarter, topping analysts' consensus estimates of ($0.45) by $0.05. On average, analysts anticipate that Contineum Therapeutics will post -1.68 EPS for the current year.

Institutional Trading of Contineum Therapeutics

Large investors have recently added to or reduced their stakes in the business. Janus Henderson Group PLC lifted its position in shares of Contineum Therapeutics by 11.7% in the first quarter. Janus Henderson Group PLC now owns 2,734,836 shares of the company's stock worth $35,594,000 after buying an additional 285,857 shares during the last quarter. Baker BROS. Advisors LP lifted its holdings 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 buying an additional 1,343,168 shares during the last quarter. Commodore Capital LP acquired a new position in shares of Contineum Therapeutics during the fourth quarter worth approximately $9,331,000. Wellington Management Group LLP boosted its position in shares of Contineum Therapeutics by 171.2% in the second quarter. Wellington Management Group LLP now owns 150,797 shares of the company's stock valued at $2,472,000 after acquiring an additional 95,188 shares during the period. Finally, Eversept Partners LP boosted its position in shares of Contineum Therapeutics by 6.5% in the first quarter. Eversept Partners LP now owns 146,411 shares of the company's stock valued at $1,912,000 after acquiring an additional 8,918 shares during the period.

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.

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