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

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

Contineum Therapeutics Price Performance

NASDAQ CTNM traded down $0.81 during midday trading on Tuesday, hitting $14.33. The company had a trading volume of 46,343 shares, compared to its average volume of 78,369. The firm has a 50-day moving average price of $16.77 and a 200-day moving average price of $17.85. Contineum Therapeutics has a twelve month low of $12.33 and a twelve month high of $22.00.

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

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the company. Versant Venture Management LLC purchased a new stake in shares of Contineum Therapeutics in the 2nd quarter worth approximately $16,169,000. Johnson & Johnson bought a new position in shares of Contineum Therapeutics in the second quarter worth approximately $34,853,000. Perceptive Advisors LLC bought a new position in shares of Contineum Therapeutics in the second quarter worth about $27,589,000. Squarepoint Ops LLC bought a new stake in shares of Contineum Therapeutics during the second quarter valued at approximately $2,642,000. Finally, Rhumbline Advisers purchased a new position in shares of Contineum Therapeutics during the second quarter valued at about $118,000.

Analyst Ratings Changes

Several analysts recently issued reports on CTNM shares. Robert W. Baird began coverage on Contineum Therapeutics in a report on Tuesday, October 22nd. They set an “outperform” rating and a $32.00 price objective for the company. Royal Bank of Canada cut their price target on shares of Contineum Therapeutics from $32.00 to $31.00 and set an “outperform” rating for the company in a research note on Thursday, November 7th. Finally, Baird R W upgraded Contineum Therapeutics to a “strong-buy” rating in a research report on Tuesday, October 22nd. Four analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Contineum Therapeutics presently has a consensus rating of “Buy” and an average target price of $29.25.

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).