Stocks
Contineum Therapeutics Stock Plunges on Depression Drug Failure
Contineum Therapeutics Inc's shares (NASDAQ: CTNM) slumped on Tuesday after its Phase 2 study failed to meet the primary efficacy endpoint for JNJ-5120 / PIPE-307 in major depressive disorder.
The drug, being developed by Johnson & Johnson under a global license and development agreement, did not demonstrate significant improvement in symptoms of depression. The company will continue to evaluate the trial data, including exploratory endpoints.
Contineum Therapeutics' stock dropped 9.58% to $13.40 at the time of publication on Tuesday, according to Benzinga Pro data.
The company's momentum score is currently bullish, but traders will be watching whether this dip becomes another higher low or the start of a deeper reset.