Contineum Therapeutics, Inc.’s Lock-Up Period To End on October 2nd (NASDAQ:CTNM)

Contineum Therapeutics’ (NASDAQ:CTNM) lock-up period is set to end on Wednesday, October 2nd. Contineum Therapeutics had issued 6,875,000 shares in its IPO on April 5th. The total size of the offering was $110,000,000 based on an initial share price of $16.00. After the end of Contineum Therapeutics’ lock-up period, restrictions preventing major shareholders and company insiders from selling shares in the company will be lifted.

Analyst Upgrades and Downgrades

Separately, Royal Bank of Canada increased their price objective on Contineum Therapeutics from $30.00 to $32.00 and gave the stock an “outperform” rating in a report on Wednesday, August 14th.

Contineum Therapeutics Stock Performance

NASDAQ:CTNM opened at $18.81 on Wednesday. The stock has a 50 day moving average price of $18.86. Contineum Therapeutics has a 52 week low of $13.27 and a 52 week high of $22.00.

Contineum Therapeutics (NASDAQ:CTNM) last announced its quarterly earnings results on Tuesday, August 13th. The company reported ($0.39) EPS for the quarter, missing the consensus estimate of ($0.37) by ($0.02). On average, sell-side analysts anticipate that Contineum Therapeutics will post -2.04 EPS for the current year.

Hedge Funds Weigh In On Contineum Therapeutics

Several hedge funds and other institutional investors have recently added to or reduced their stakes in CTNM. Johnson & Johnson acquired a new position in Contineum Therapeutics during the second quarter valued at approximately $34,853,000. Perceptive Advisors LLC bought a new position in Contineum Therapeutics during the second quarter worth $27,589,000. Versant Venture Management LLC acquired a new position in Contineum Therapeutics during the 2nd quarter valued at $16,169,000. Squarepoint Ops LLC bought a new stake in Contineum Therapeutics in the 2nd quarter valued at $2,642,000. Finally, Driehaus Capital Management LLC acquired a new stake in Contineum Therapeutics in the 2nd quarter worth $1,174,000.

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).