JonesTrading Issues Pessimistic Forecast for Contineum Therapeutics (NASDAQ:CTNM) Stock Price

Contineum Therapeutics (NASDAQ:CTNM) had its price target reduced by research analysts at JonesTrading from $26.00 to $24.00 in a report issued on Tuesday, Benzinga reports. The firm presently has a “buy” rating on the stock. JonesTrading’s price target would indicate a potential upside of 79.44% from the company’s current price.

CTNM has been the subject of several other reports. Royal Bank Of Canada lifted 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. Weiss Ratings restated a “sell (d-)” rating on shares of Contineum Therapeutics in a report on Friday, July 17th. Wall Street Zen raised shares of Contineum Therapeutics from a “sell” rating to a “hold” rating in a research report on Sunday, August 23rd. Finally, Robert W. Baird reduced their target price on shares of Contineum Therapeutics from $20.00 to $19.00 and set an “outperform” rating for the company in a research note on Tuesday. 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, Contineum Therapeutics currently has a consensus rating of “Moderate Buy” and an average price target of $20.80.

Contineum Therapeutics Stock Performance

NASDAQ:CTNM traded down $1.45 during trading hours on Tuesday, hitting $13.38. 193,526 shares of the company’s stock traded hands, compared to its average volume of 324,323. The firm has a market cap of $503.17 million, a P/E ratio of -7.74 and a beta of 0.75. Contineum Therapeutics has a twelve month low of $8.60 and a twelve month high of $17.78. The stock’s fifty day moving average price is $15.36 and its two-hundred day moving average price is $14.05.

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

Hedge Funds Weigh In On Contineum Therapeutics

A number of hedge funds have recently made changes to their positions in CTNM. Royal Bank of Canada boosted its position 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 valued at $76,000 after acquiring an additional 2,454 shares in the last quarter. California State Teachers Retirement System bought a new stake in shares of Contineum Therapeutics in the 2nd quarter valued at approximately $99,000. Cannon Global Investment Management LLC acquired a new position in shares of Contineum Therapeutics in the 1st quarter worth approximately $170,000. Independent Financial Group LLC acquired a new position in shares of Contineum Therapeutics in the 1st quarter worth approximately $353,000. Finally, Seven Fleet Capital Management LP acquired a new stake in Contineum Therapeutics in the 1st quarter valued at $353,000.

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.