Morgan Stanley Reiterates “Overweight” Rating for Contineum Therapeutics (NASDAQ:CTNM)

Contineum Therapeutics (NASDAQ:CTNM)‘s stock had its “overweight” rating reiterated by Morgan Stanley in a research report issued to clients and investors on Friday,Benzinga reports. They presently have a $25.00 price objective on the stock. Morgan Stanley’s target price indicates a potential upside of 289.11% from the company’s previous close.

Several other brokerages have also recently issued reports on CTNM. Robert W. Baird lowered their price objective on shares of Contineum Therapeutics from $32.00 to $16.00 and set an “outperform” rating on the stock in a research note on Friday. Royal Bank of Canada reiterated an “outperform” rating and set a $31.00 price objective on shares of Contineum Therapeutics in a research report on Thursday, January 9th. Four analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Contineum Therapeutics presently has an average rating of “Buy” and a consensus price target of $25.25.

Contineum Therapeutics Price Performance

NASDAQ:CTNM traded down $0.02 during mid-day trading on Friday, reaching $6.43. 14,414 shares of the stock were exchanged, compared to its average volume of 85,651. The business has a fifty day moving average price of $10.27 and a 200 day moving average price of $14.51. Contineum Therapeutics has a 1-year low of $5.92 and a 1-year high of $22.00.

Hedge Funds Weigh In On Contineum Therapeutics

Several institutional investors and hedge funds have recently added to or reduced their stakes in CTNM. Franklin Resources Inc. boosted its stake in shares of Contineum Therapeutics by 130.9% during the 3rd quarter. Franklin Resources Inc. now owns 1,447,550 shares of the company’s stock valued at $27,706,000 after buying an additional 820,542 shares during the period. Red Tree Management LLC acquired a new stake in Contineum Therapeutics in the 4th quarter valued at approximately $9,349,000. FMR LLC raised its position in shares of Contineum Therapeutics by 115.4% during the third quarter. FMR LLC now owns 696,927 shares of the company’s stock valued at $13,339,000 after buying an additional 373,327 shares during the last quarter. Stempoint Capital LP acquired a new stake in Contineum Therapeutics during the fourth quarter worth about $3,894,000. Finally, Norges Bank bought a new stake in shares of Contineum Therapeutics during the fourth quarter valued at approximately $2,487,000.

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).