Contineum Therapeutics, Inc. (NASDAQ:CTNM) Sees Large Increase in Short Interest

Key Points

• Contineum Therapeutics experienced a notable increase in short interest, rising 63.5% in August, reaching a total of 435,200 shares, which represents approximately 2.8% of the company's stock.
• Institutional investors have shown interest in Contineum, with several making new investments during the first and second quarters totaling over $260,000 combined.
• Following its recent earnings report, analysts have varying ratings for the stock, with a notable price target increase from Morgan Stanley to $21.00 and an overall buy rating average of $22.75.

Contineum Therapeutics, Inc. (NASDAQ:CTNM - Get Free Report) was the target of a large increase in short interest in August. As of August 15th, there was short interest totaling 435,200 shares, an increase of 63.5% from the July 31st total of 266,100 shares. Based on an average daily trading volume, of 234,700 shares, the short-interest ratio is currently 1.9 days. Approximately 2.8% of the company's shares are sold short. Approximately 2.8% of the company's shares are sold short. Based on an average daily trading volume, of 234,700 shares, the short-interest ratio is currently 1.9 days.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. Deutsche Bank AG acquired a new position in shares of Contineum Therapeutics in the fourth quarter valued at approximately $236,000. Bank of America Corp DE lifted its holdings in shares of Contineum Therapeutics by 63.4% during the fourth quarter. Bank of America Corp DE now owns 9,132 shares of the company's stock worth $134,000 after purchasing an additional 3,542 shares during the period. Nuveen Asset Management LLC bought a new stake in shares of Contineum Therapeutics in the fourth quarter worth $195,000. Barclays PLC increased its holdings in Contineum Therapeutics by 96.0% in the fourth quarter. Barclays PLC now owns 16,286 shares of the company's stock valued at $239,000 after purchasing an additional 7,978 shares during the period. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in Contineum Therapeutics by 90.4% in the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 5,860 shares of the company's stock valued at $86,000 after purchasing an additional 2,783 shares during the period.

Contineum Therapeutics Stock Performance

Shares of CTNM stock traded down $0.06 on Thursday, hitting $11.74. The company's stock had a trading volume of 159,438 shares, compared to its average volume of 147,668. Contineum Therapeutics has a fifty-two week low of $3.35 and a fifty-two week high of $20.30. The company has a market capitalization of $329.19 million, a PE ratio of -5.34 and a beta of 1.19. The stock's 50 day moving average is $7.15 and its 200-day moving average is $5.81.

Contineum Therapeutics (NASDAQ:CTNM - Get Free Report) last posted its quarterly earnings data on Tuesday, August 5th. The company reported ($0.62) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.56) by ($0.06). On average, research analysts forecast that Contineum Therapeutics will post -2.01 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several analysts have commented on the stock. Royal Bank Of Canada restated an "outperform" rating and set a $31.00 target price on shares of Contineum Therapeutics in a report on Thursday, May 15th. Morgan Stanley increased their price objective on shares of Contineum Therapeutics from $20.00 to $21.00 and gave the stock an "overweight" rating in a research report on Monday, August 18th. Finally, William Blair started coverage on Contineum Therapeutics in a research note on Friday, June 20th. They issued an "outperform" rating on the stock. One research analyst has rated the stock with a Strong Buy rating and five have given a Buy rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Buy" and an average target price of $22.75.

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).