Contineum Therapeutics (NASDAQ:CTNM) Shares Up 15.5% - Should You Buy?

Key Points

• Contineum Therapeutics shares jumped 15.5% to about $13.28, with trading volume more than tripling the average. The move lifted the stock from its prior close of $11.50.
• Analyst sentiment is mixed but leans positive: four analysts rate the stock a Buy, one rates it Hold, and one rates it Sell. The consensus is “Moderate Buy,” with an average price target of $22.17.
• The clinical-stage biotechnology company remains unprofitable, reporting a quarterly loss of $0.40 per share and carrying a projected full-year loss of $1.68 per share. Its pipeline focuses on CNS therapies, including remyelination candidates PIPE-307 and PIPE-791.

Shares of Contineum Therapeutics, Inc. (NASDAQ:CTNM - Get Free Report) shot up 15.5% during mid-day trading on Wednesday. The company traded as high as $13.55 and last traded at $13.2780. 1,073,445 shares changed hands during trading, an increase of 202% from the average daily volume of 355,731 shares. The stock had previously closed at $11.50.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on CTNM shares. JonesTrading cut their price objective on Contineum Therapeutics from $26.00 to $24.00 and set a "buy" rating on the stock in a research report on Tuesday, September 15th. Morgan Stanley cut their price target on shares of Contineum Therapeutics from $18.00 to $17.00 and set an "equal weight" rating on the stock in a report on Monday. Stifel Nicolaus set a $28.00 price objective on shares of Contineum Therapeutics in a report on Wednesday. Weiss Ratings reissued a "sell (d-)" rating on shares of Contineum Therapeutics in a research report on Friday, July 17th. Finally, Wall Street Zen downgraded shares of Contineum Therapeutics from a "hold" rating to a "sell" rating in a research note on Saturday, September 19th. Four research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, Contineum Therapeutics has a consensus rating of "Moderate Buy" and an average price target of $22.17.

Contineum Therapeutics Stock Performance

The company's fifty day simple moving average is $15.02 and its 200-day simple moving average is $13.92. The company has a market capitalization of $502.60 million, a P/E ratio of -7.72 and a beta of 0.75.

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

Institutional Trading of Contineum Therapeutics

A number of hedge funds have recently bought and sold shares of CTNM. Royal Bank of Canada lifted its stake in shares of Contineum Therapeutics by 73.5% during the 1st quarter. Royal Bank of Canada now owns 5,794 shares of the company's stock worth $76,000 after purchasing an additional 2,454 shares during the last quarter. Cannon Global Investment Management LLC purchased a new position in Contineum Therapeutics in the first quarter valued at about $170,000. Independent Financial Group LLC bought a new position in Contineum Therapeutics in the first quarter worth about $353,000. Seven Fleet Capital Management LP bought a new position in Contineum Therapeutics in the first quarter worth about $353,000. Finally, Bank of America Corp DE lifted its position in shares of Contineum Therapeutics by 411.9% during the first quarter. Bank of America Corp DE now owns 47,449 shares of the company's stock valued at $620,000 after buying an additional 38,180 shares during the last quarter.

Contineum Therapeutics Company Profile

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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