Contineum Therapeutics (NASDAQ:CTNM) Stock Price Down 9.9% After Analyst Downgrade
by Kim Johansen · The Markets DailyContineum Therapeutics, Inc. (NASDAQ:CTNM – Get Free Report)’s stock price traded down 9.9% during trading on Tuesday after Robert W. Baird lowered their price target on the stock from $20.00 to $19.00. Robert W. Baird currently has an outperform rating on the stock. Contineum Therapeutics traded as low as $13.08 and last traded at $13.3550. 77,867 shares were traded during mid-day trading, a decline of 76% from the average daily volume of 323,751 shares. The stock had previously closed at $14.82.
A number of other equities analysts also recently weighed in on CTNM. Wall Street Zen upgraded Contineum Therapeutics from a “sell” rating to a “hold” rating in a research note on Sunday, August 23rd. Weiss Ratings reissued a “sell (d-)” rating on shares of Contineum Therapeutics in a research report on Friday, July 17th. Finally, Royal Bank Of Canada lifted their target price on shares of Contineum Therapeutics from $22.00 to $23.00 and gave the stock an “outperform” rating in a research note on Friday, July 31st. Three 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.com, the company currently has an average rating of “Hold” and an average target price of $20.00.
Get Our Latest Stock Analysis on Contineum Therapeutics
Institutional Investors Weigh In On Contineum Therapeutics
A number of institutional investors and hedge funds have recently modified their holdings of the company. California State Teachers Retirement System purchased a new position in Contineum Therapeutics during the second quarter valued at approximately $99,000. Seven Fleet Capital Management LP lifted its stake in Contineum Therapeutics by 123.8% in the 2nd quarter. Seven Fleet Capital Management LP now owns 60,541 shares of the company’s stock worth $992,000 after purchasing an additional 33,487 shares in the last quarter. Wellington Management Group LLP boosted its holdings in Contineum Therapeutics by 171.2% in the 2nd quarter. Wellington Management Group LLP now owns 150,797 shares of the company’s stock valued at $2,472,000 after purchasing an additional 95,188 shares during the period. Bank of America Corp DE boosted its holdings in Contineum Therapeutics by 411.9% in the 1st quarter. Bank of America Corp DE now owns 47,449 shares of the company’s stock valued at $620,000 after purchasing an additional 38,180 shares during the period. Finally, Janus Henderson Group PLC grew its position in shares of Contineum Therapeutics by 11.7% during the 1st quarter. Janus Henderson Group PLC now owns 2,734,836 shares of the company’s stock valued at $35,594,000 after purchasing an additional 285,857 shares in the last quarter.
Contineum Therapeutics Stock Performance
The business’s 50-day moving average price is $15.36 and its 200 day moving average price is $14.05. The stock has a market capitalization of $502.42 million, a PE ratio of -7.74 and a beta of 0.75.
Contineum Therapeutics (NASDAQ:CTNM – Get Free Report) last issued its quarterly earnings data on Thursday, July 30th. The company reported ($0.40) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.45) by $0.05. As a group, equities research analysts predict that Contineum Therapeutics, Inc. will post -1.68 earnings per share for the current year.
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.