Royal Bank Of Canada Forecasts Strong Price Appreciation for Contineum Therapeutics (NASDAQ:CTNM) Stock

Key Points

• Royal Bank of Canada raised its price target for Contineum Therapeutics from $22 to $23 and maintained an “outperform” rating, implying 51.2% upside from the reported $15.21 share price.
• Analyst sentiment remains mixed: three analysts rate the stock a Buy, while others assign Hold and Sell ratings; the overall consensus is “Hold” with a $20.25 target price.
• Contineum reported quarterly EPS of -$0.40, beating the consensus estimate of -$0.46, though analysts expect a full-year loss of approximately $1.68 per share.

Contineum Therapeutics (NASDAQ:CTNM - Get Free Report) had its price objective raised by investment analysts at Royal Bank Of Canada from $22.00 to $23.00 in a research note issued to investors on Friday,Benzinga reports. The firm presently has an "outperform" rating on the stock. Royal Bank Of Canada's target price suggests a potential upside of 51.20% from the company's current price.

CTNM has been the topic of a number of other reports. Weiss Ratings reissued a "sell (d-)" rating on shares of Contineum Therapeutics in a report on Friday, July 17th. Wall Street Zen upgraded shares of Contineum Therapeutics from a "sell" rating to a "hold" rating in a research note on Saturday, May 9th. Finally, Morgan Stanley upped their price objective on shares of Contineum Therapeutics from $14.00 to $16.00 and gave the stock an "equal weight" rating in a report on Thursday, May 14th. Three equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, Contineum Therapeutics presently has an average rating of "Hold" and a consensus target price of $20.25.

Contineum Therapeutics Price Performance

Shares of NASDAQ CTNM traded down $0.54 during midday trading on Friday, hitting $15.21. 294,943 shares of the company's stock were exchanged, compared to its average volume of 290,306. The stock's 50 day moving average price is $13.61 and its 200-day moving average price is $13.61. The firm has a market cap of $568.78 million, a P/E ratio of -7.81 and a beta of 0.70. Contineum Therapeutics has a twelve month low of $5.07 and a twelve month high of $16.91.

Contineum Therapeutics (NASDAQ:CTNM - Get Free Report) last posted its earnings results on Thursday, July 30th. The company reported ($0.40) EPS for the quarter, beating the consensus estimate of ($0.46) by $0.06. On average, analysts expect that Contineum Therapeutics will post -1.68 EPS for the current fiscal year.

Hedge Funds Weigh In On Contineum Therapeutics

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Seven Fleet Capital Management LP acquired a new position in shares of Contineum Therapeutics during the 1st quarter valued at $353,000. Bank of America Corp DE lifted its holdings in shares of Contineum Therapeutics by 411.9% in 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 period. Janus Henderson Group PLC boosted its stake 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 valued at $35,594,000 after buying an additional 285,857 shares in the last quarter. Royal Bank of Canada boosted its stake in Contineum Therapeutics by 73.5% during the first quarter. Royal Bank of Canada now owns 5,794 shares of the company's stock valued at $76,000 after buying an additional 2,454 shares in the last quarter. Finally, Eversept Partners LP boosted its stake in Contineum Therapeutics by 6.5% during the first quarter. Eversept Partners LP now owns 146,411 shares of the company's stock valued at $1,912,000 after buying an additional 8,918 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). The company also develops PIPE-307, a novel, small molecule selective inhibitor of the muscarinic type 1 M1 receptor to treat depression and relapse remitting MS; and CTX-343, a peripherally-restricted LPA1R antagonist.

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