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

Contineum Therapeutics, Inc. (NASDAQ:CTNM) saw a significant decline in short interest during the month of January. As of January 31st, there was short interest totalling 869,400 shares, a decline of 7.0% from the January 15th total of 934,400 shares. Approximately 6.2% of the company’s shares are short sold. Based on an average daily volume of 92,900 shares, the days-to-cover ratio is currently 9.4 days.

Institutional Investors Weigh In On Contineum Therapeutics

Institutional investors and hedge funds have recently made changes to their positions in the business. Legal & General Group Plc raised its holdings in shares of Contineum Therapeutics by 74.0% in the 4th quarter. Legal & General Group Plc now owns 3,631 shares of the company’s stock worth $53,000 after acquiring an additional 1,544 shares during the last quarter. Corebridge Financial Inc. boosted its holdings in Contineum Therapeutics by 73.1% in the 4th quarter. Corebridge Financial Inc. now owns 5,215 shares of the company’s stock worth $76,000 after buying an additional 2,202 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in Contineum Therapeutics by 90.4% in the 4th 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 period. MetLife Investment Management LLC bought a new position in Contineum Therapeutics in the 4th quarter worth approximately $103,000. Finally, Rhumbline Advisers boosted its holdings in Contineum Therapeutics by 36.3% in the 4th quarter. Rhumbline Advisers now owns 8,233 shares of the company’s stock worth $121,000 after buying an additional 2,191 shares during the period.

Wall Street Analyst Weigh In

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

Contineum Therapeutics Price Performance

Shares of NASDAQ CTNM traded down $0.37 during trading on Tuesday, hitting $7.36. 29,969 shares of the company traded hands, compared to its average volume of 71,983. Contineum Therapeutics has a fifty-two week low of $7.32 and a fifty-two week high of $22.00. The business’s fifty day moving average is $12.07 and its 200 day moving average is $15.41.

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).