Contineum Therapeutics, Inc. (NASDAQ:CTNM) Short Interest Up 42.6% in August

Key Points

• Contineum Therapeutics, Inc. (NASDAQ:CTNM) experienced a 42.6% increase in short interest from mid-August to the end of August, bringing the total to 620,600 shares shorted.
• The company reported a quarterly loss of ($0.62) earnings per share, missing estimates, with analysts predicting a projected EPS of –2.01 for the current year.
• Institutional investments are on the rise, with notable increases such as Deutsche Bank AG acquiring a new stake worth $236,000 and Bank of America raising its stake by 63.4%.

Contineum Therapeutics, Inc. (NASDAQ:CTNM - Get Free Report) was the target of a significant growth in short interest in August. As of August 31st, there was short interest totaling 620,600 shares, a growth of 42.6% from the August 15th total of 435,200 shares. Currently, 4.0% of the company's stock are sold short. Based on an average daily volume of 258,700 shares, the days-to-cover ratio is presently 2.4 days. Based on an average daily volume of 258,700 shares, the days-to-cover ratio is presently 2.4 days. Currently, 4.0% of the company's stock are sold short.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on CTNM. Morgan Stanley increased their price target 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. William Blair assumed coverage on shares of 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. According to data from MarketBeat, the stock currently has an average rating of "Buy" and an average price target of $22.75.

Contineum Therapeutics Trading Up 0.8%

Shares of Contineum Therapeutics stock traded up $0.10 during trading on Friday, reaching $12.50. The company's stock had a trading volume of 1,055,562 shares, compared to its average volume of 245,234. The stock has a 50-day moving average price of $8.32 and a two-hundred day moving average price of $6.06. Contineum Therapeutics has a one year low of $3.35 and a one year high of $20.30. The stock has a market capitalization of $350.50 million, a P/E ratio of -5.68 and a beta of 1.19.

Contineum Therapeutics (NASDAQ:CTNM - Get Free Report) last announced its quarterly earnings data on Tuesday, August 5th. The company reported ($0.62) EPS for the quarter, missing analysts' consensus estimates of ($0.56) by ($0.06). As a group, sell-side analysts anticipate that Contineum Therapeutics will post -2.01 EPS for the current fiscal year.

Institutional Trading of Contineum Therapeutics

A number of large investors have recently bought and sold shares of CTNM. Northern Trust Corp increased its stake in Contineum Therapeutics by 42.3% during the 4th quarter. Northern Trust Corp now owns 89,262 shares of the company's stock worth $1,308,000 after purchasing an additional 26,545 shares in the last quarter. Bank of America Corp DE increased its stake in Contineum Therapeutics by 63.4% during the 4th 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 in the last quarter. Deutsche Bank AG bought a new stake in Contineum Therapeutics during the 4th quarter worth approximately $236,000. Janus Henderson Group PLC bought a new stake in Contineum Therapeutics during the 4th quarter worth approximately $1,001,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in Contineum Therapeutics by 90.4% during the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 5,860 shares of the company's stock worth $86,000 after purchasing an additional 2,783 shares in the last quarter.

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).