JonesTrading Cuts Contineum Therapeutics (NASDAQ:CTNM) Price Target to $24.00

Contineum Therapeutics (NASDAQ:CTNM) had its target price lowered by investment analysts at JonesTrading from $26.00 to $24.00 in a note issued to investors on Tuesday, Benzinga reports. The brokerage currently has a “buy” rating on the stock. JonesTrading’s target price suggests a potential upside of 79.44% from the stock’s previous close.

A number of other equities analysts have also issued reports on CTNM. Wall Street Zen upgraded shares of Contineum Therapeutics from a “sell” rating to a “hold” rating in a research report on Sunday, August 23rd. Royal Bank Of Canada increased their price objective on Contineum Therapeutics from $22.00 to $23.00 and gave the company an “outperform” rating in a research report on Friday, July 31st. Robert W. Baird dropped their target price on Contineum Therapeutics from $20.00 to $19.00 and set an “outperform” rating for the company in a research report on Tuesday. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Contineum Therapeutics in a report on Friday, July 17th. Four 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. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $20.80.

Contineum Therapeutics Price Performance

Shares of NASDAQ:CTNM traded down $1.45 during trading on Tuesday, reaching $13.38. The stock had a trading volume of 193,526 shares, compared to its average volume of 324,323. Contineum Therapeutics has a 52 week low of $8.60 and a 52 week high of $17.78. 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 $503.17 million, a PE ratio of -7.74 and a beta of 0.75.

Contineum Therapeutics (NASDAQ:CTNM) last released its quarterly earnings results on Thursday, July 30th. The company reported ($0.40) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.45) by $0.05. Analysts forecast that Contineum Therapeutics will post -1.68 EPS for the current year.

Institutional Investors Weigh In On Contineum Therapeutics

Several hedge funds and other institutional investors have recently added to or reduced their stakes in CTNM. Janus Henderson Group PLC boosted its stake 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 worth $35,594,000 after buying an additional 285,857 shares during the last quarter. Baker BROS. Advisors LP raised its holdings in Contineum Therapeutics by 1,729.3% during the fourth quarter. Baker BROS. Advisors LP now owns 1,420,838 shares of the company’s stock worth $16,240,000 after acquiring an additional 1,343,168 shares in the last quarter. Commodore Capital LP acquired a new position in Contineum Therapeutics during the fourth quarter valued at approximately $9,331,000. UBS Group AG boosted its position in Contineum Therapeutics by 191.1% during the fourth quarter. UBS Group AG now owns 199,389 shares of the company’s stock valued at $2,279,000 after purchasing an additional 130,885 shares during the last quarter. Finally, Wellington Management Group LLP grew its stake in 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 purchasing an additional 95,188 shares in the last quarter.

About Contineum Therapeutics

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.