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

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

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. Legal & General Group Plc raised its position in Contineum Therapeutics by 74.0% during the fourth quarter. Legal & General Group Plc now owns 3,631 shares of the company’s stock valued at $53,000 after purchasing an additional 1,544 shares in the last quarter. Corebridge Financial Inc. raised its position in Contineum Therapeutics by 73.1% during the fourth quarter. Corebridge Financial Inc. now owns 5,215 shares of the company’s stock valued at $76,000 after purchasing an additional 2,202 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in shares of Contineum Therapeutics by 90.4% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 5,860 shares of the company’s stock worth $86,000 after buying an additional 2,783 shares during the last quarter. BNP Paribas Financial Markets grew its stake in shares of Contineum Therapeutics by 1,248.6% during the third quarter. BNP Paribas Financial Markets now owns 6,743 shares of the company’s stock worth $129,000 after buying an additional 6,243 shares during the last quarter. Finally, MetLife Investment Management LLC bought a new stake in shares of Contineum Therapeutics during the fourth quarter worth $103,000.

Wall Street Analysts Forecast Growth

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

Contineum Therapeutics Stock Down 4.8 %

CTNM traded down $0.37 during trading on Tuesday, hitting $7.36. 29,969 shares of the stock traded hands, compared to its average volume of 71,983. Contineum Therapeutics has a twelve month low of $7.32 and a twelve month high of $22.00. The business has a 50 day moving average price of $12.07 and a 200 day moving average price of $15.41.

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).