Contineum Therapeutics, Inc. (NASDAQ:CTNM) Sees Large Drop in Short Interest

Contineum Therapeutics, Inc. (NASDAQ:CTNM) saw a large decrease in short interest in the month of January. As of January 31st, there was short interest totalling 869,400 shares, a decrease of 7.0% from the January 15th total of 934,400 shares. Currently, 6.2% of the shares of the stock are sold short. Based on an average daily volume of 92,900 shares, the short-interest ratio is presently 9.4 days.

Institutional Trading of Contineum Therapeutics

A number of hedge funds and other institutional investors have recently made changes to their positions in CTNM. Franklin Resources Inc. grew its holdings in Contineum Therapeutics by 130.9% during the 3rd quarter. Franklin Resources Inc. now owns 1,447,550 shares of the company’s stock worth $27,706,000 after acquiring an additional 820,542 shares during the last quarter. FMR LLC lifted its holdings in Contineum Therapeutics by 115.4% during the 3rd quarter. FMR LLC now owns 696,927 shares of the company’s stock worth $13,339,000 after buying an additional 373,327 shares in the last quarter. Red Tree Management LLC acquired a new position in Contineum Therapeutics during the 4th quarter worth $9,349,000. Stempoint Capital LP bought a new position in Contineum Therapeutics in the 4th quarter valued at $3,894,000. Finally, Geode Capital Management LLC increased its stake in shares of Contineum Therapeutics by 46.4% in the 4th quarter. Geode Capital Management LLC now owns 188,408 shares of the company’s stock valued at $2,761,000 after buying an additional 59,732 shares during the period.

Analysts Set New Price Targets

CTNM has been the topic of several recent analyst reports. Baird R W raised Contineum Therapeutics to a “strong-buy” rating in a research note on Tuesday, October 22nd. Royal Bank of Canada restated an “outperform” rating and issued a $31.00 target price on shares of Contineum Therapeutics in a research note on Thursday, January 9th. Finally, Robert W. Baird began coverage on shares of Contineum Therapeutics in a research report on Tuesday, October 22nd. They set an “outperform” rating and a $32.00 target price for the company. Four research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Buy” and an average price target of $29.25.

Contineum Therapeutics Trading Down 4.8 %

Shares of CTNM opened at $7.36 on Wednesday. The stock has a fifty day moving average price of $12.07 and a two-hundred day moving average price of $15.41. Contineum Therapeutics has a 52-week low of $7.32 and a 52-week high of $22.00.

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).