Contineum downgraded to Equal Weight from Overweight at Morgan Stanley

Morgan Stanley downgraded Contineum (CTNM) to Equal Weight from Overweight with a price target of $14, down from $23. The PIPE-307 Phase 2 VISTA study in RRMS did not yield a significant change on low contrast letter acuity, which the firm believes will result in increased investor focus on the LPA1R antagonist PIPE-791, says the analyst. With Phase 2 data not expected this year and a Phase 3 start still distant, the competitive gap limits near-term upside and delays potential value inflection, the analyst contends.