Short Interest in Contineum Therapeutics, Inc. (NASDAQ:CTNM) Declines By 6.3%

Contineum Therapeutics, Inc. (NASDAQ:CTNM) saw a significant decrease in short interest during the month of November. As of November 15th, there was short interest totalling 1,050,000 shares, a decrease of 6.3% from the October 31st total of 1,120,000 shares. Approximately 7.5% of the shares of the company are short sold. Based on an average daily volume of 79,200 shares, the days-to-cover ratio is currently 13.3 days.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on the stock. Robert W. Baird assumed coverage on shares of Contineum Therapeutics in a research note on Tuesday, October 22nd. They issued an “outperform” rating and a $32.00 price target on the stock. Baird R W raised shares of Contineum Therapeutics to a “strong-buy” rating in a research note on Tuesday, October 22nd. Finally, Royal Bank of Canada lowered their price target on Contineum Therapeutics from $32.00 to $31.00 and set an “outperform” rating for the company in a report on Thursday, November 7th. Four analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Buy” and a consensus price target of $29.25.

Contineum Therapeutics Stock Performance

NASDAQ CTNM traded down $0.81 during trading hours on Tuesday, reaching $14.33. The company’s stock had a trading volume of 46,343 shares, compared to its average volume of 78,369. The business has a 50-day simple moving average of $16.77 and a 200 day simple moving average of $17.85. Contineum Therapeutics has a 52 week low of $12.33 and a 52 week high of $22.00.

Contineum Therapeutics (NASDAQ:CTNM) last issued its quarterly earnings results on Wednesday, November 6th. The company reported ($0.40) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.41) by $0.01. As a group, sell-side analysts forecast that Contineum Therapeutics will post -2.01 earnings per share for the current year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. Sandia Investment Management LP acquired a new stake in Contineum Therapeutics in the 2nd quarter valued at about $88,000. Rhumbline Advisers acquired a new stake in Contineum Therapeutics during the 2nd quarter valued at approximately $118,000. BNP Paribas Financial Markets lifted its stake in shares of Contineum Therapeutics by 1,248.6% in the 3rd quarter. BNP Paribas Financial Markets now owns 6,743 shares of the company’s stock valued at $129,000 after purchasing an additional 6,243 shares during the period. Barclays PLC increased its stake in Contineum Therapeutics by 248.6% in the third quarter. Barclays PLC now owns 8,308 shares of the company’s stock valued at $158,000 after purchasing an additional 5,925 shares in the last quarter. Finally, Bank of New York Mellon Corp acquired a new stake in shares of Contineum Therapeutics in the 2nd quarter worth about $356,000.

Contineum Therapeutics Company Profile

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).