Contineum Therapeutics (NASDAQ:CTNM) Shares Up 5.5% – Time to Buy?

Contineum Therapeutics, Inc. (NASDAQ:CTNM) shot up 5.5% on Wednesday . The stock traded as high as $15.35 and last traded at $15.3550. 192,361 shares changed hands during trading, a decline of 35% from the average daily volume of 296,994 shares. The stock had previously closed at $14.56.

Analysts Set New Price Targets

CTNM has been the subject of several recent analyst reports. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Contineum Therapeutics in a research report on Monday, April 20th. Morgan Stanley increased their price objective on Contineum Therapeutics from $14.00 to $16.00 and gave the stock an “equal weight” rating in a research note on Thursday, May 14th. Finally, Wall Street Zen upgraded Contineum Therapeutics from a “sell” rating to a “hold” rating in a research report on Saturday, May 9th. Three analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, Contineum Therapeutics has a consensus rating of “Hold” and a consensus price target of $20.00.

Contineum Therapeutics Trading Up 8.1%

The firm has a market capitalization of $588.64 million, a PE ratio of -8.07 and a beta of 0.70. The firm’s fifty day moving average price is $13.30 and its 200 day moving average price is $13.21.

Contineum Therapeutics (NASDAQ:CTNM) last announced its quarterly earnings data on Tuesday, May 5th. The company reported ($0.39) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.55) by $0.16. As a group, research analysts expect that Contineum Therapeutics, Inc. will post -1.68 EPS for the current year.

Hedge Funds Weigh In On Contineum Therapeutics

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Suvretta Capital Management LLC increased its stake in shares of Contineum Therapeutics by 65.2% during the 4th quarter. Suvretta Capital Management LLC now owns 2,841,334 shares of the company’s stock worth $32,476,000 after purchasing an additional 1,121,334 shares during the last quarter. Janus Henderson Group PLC boosted its holdings in Contineum Therapeutics by 11.7% in the first quarter. Janus Henderson Group PLC now owns 2,734,836 shares of the company’s stock worth $35,594,000 after purchasing an additional 285,857 shares in the last quarter. RA Capital Management L.P. increased its position in Contineum Therapeutics by 2.7% during the fourth quarter. RA Capital Management L.P. now owns 2,179,711 shares of the company’s stock worth $24,914,000 after buying an additional 57,711 shares during the last quarter. Franklin Resources Inc. raised its holdings in Contineum Therapeutics by 13.5% during the fourth quarter. Franklin Resources Inc. now owns 1,879,367 shares of the company’s stock valued at $21,481,000 after buying an additional 223,819 shares in the last quarter. Finally, Balyasny Asset Management L.P. raised its holdings in Contineum Therapeutics by 93.7% during the fourth quarter. Balyasny Asset Management L.P. now owns 1,842,800 shares of the company’s stock valued at $21,063,000 after buying an additional 891,480 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.