Stock Traders Buy Large Volume of Put Options on Contineum Therapeutics (NASDAQ:CTNM)

Key Points

• Put-option activity surged: Investors purchased 4,925 put options on Contineum Therapeutics, an 858% increase over the average daily volume of 514 contracts, signaling heightened downside hedging or bearish sentiment.
• Shares fell sharply: CTNM dropped $4.46 to $8.91 in Monday trading on volume far above average, nearing its 52-week low of $8.43 and trading below both its 50-day and 200-day moving averages.
• Analyst sentiment remains mixed: The stock carries a “Moderate Buy” consensus rating with a $22.17 target price, while recent price-target reductions and sell downgrades contrast with continued support from several institutional investors.

Contineum Therapeutics, Inc. (NASDAQ:CTNM - Get Free Report) was the target of some unusual options trading activity on Monday. Investors acquired 4,925 put options on the stock. This represents an increase of 858% compared to the average daily volume of 514 put options.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on CTNM shares. Robert W. Baird decreased their price target on shares of Contineum Therapeutics from $20.00 to $19.00 and set an "outperform" rating for the company in a report on Tuesday, September 15th. Weiss Ratings reissued a "sell (d-)" rating on shares of Contineum Therapeutics in a research note on Friday, July 17th. 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 report on Friday, July 31st. JonesTrading reduced their price target on shares of Contineum Therapeutics from $26.00 to $24.00 and set a "buy" rating for the company in a research report on Tuesday, September 15th. Finally, Wall Street Zen cut Contineum Therapeutics from a "hold" rating to a "sell" rating in a research note on Saturday, September 19th. Four investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $22.17.

Institutional Investors Weigh In On Contineum Therapeutics

Several hedge funds have recently modified their holdings of the business. Janus Henderson Group PLC increased its position in Contineum Therapeutics by 11.7% during the first quarter. Janus Henderson Group PLC now owns 2,734,836 shares of the company's stock worth $35,594,000 after acquiring an additional 285,857 shares during the period. Baker BROS. Advisors LP grew its position 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 last quarter. Commodore Capital LP bought a new position in shares of Contineum Therapeutics during the 4th quarter worth about $9,331,000. Wellington Management Group LLP lifted its stake 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 buying an additional 95,188 shares during the period. Finally, Eversept Partners LP grew its position in Contineum Therapeutics by 6.5% during the first quarter. Eversept Partners LP now owns 146,411 shares of the company's stock worth $1,912,000 after buying an additional 8,918 shares in the last quarter.

Contineum Therapeutics Stock Performance

Shares of NASDAQ:CTNM traded down $4.46 during midday trading on Monday, hitting $8.91. The company's stock had a trading volume of 5,559,827 shares, compared to its average volume of 400,504. The stock's 50 day simple moving average is $14.76 and its 200 day simple moving average is $13.94. The stock has a market capitalization of $335.39 million, a price-to-earnings ratio of -5.16 and a beta of 0.86. Contineum Therapeutics has a fifty-two week low of $8.43 and a fifty-two week high of $17.78.

Contineum Therapeutics (NASDAQ:CTNM - Get Free Report) last posted its quarterly earnings data on Thursday, July 30th. The company reported ($0.40) earnings per share for the quarter, topping the consensus estimate of ($0.45) by $0.05. As a group, analysts anticipate that Contineum Therapeutics will post -1.68 EPS for the current year.

Contineum Therapeutics Company Profile

Contineum Therapeutics, Inc is a clinical-stage biotechnology company focused on developing medicines for diseases of the central nervous system. The company's research is centered on therapeutics designed to promote remyelination, the repair of damaged myelin that supports nerve function, and to address neuroinflammation and other mechanisms involved in neurological disorders.

Contineum's pipeline includes PIPE-307, an oral, selective M1 muscarinic receptor antagonist being investigated for its potential to promote remyelination in multiple sclerosis.

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