As previously reported, Leerink initiated coverage of Contineum (CTNM) with an Outperform rating and $20 price target. Idiopathic pulmonary fibrosis might no longer be a drug development graveyard, the firm says. There have been two Phase 3 successes in the past year, and Bristol Myers (BMY) is advancing an LPA1R antagonist in a large Phase 3 program with data expected in the second half of 2026. Leerink likes Contineum for their fast-follower approach to LPA1R, with the thesis that Bristol Myers’ admilparant will be first-in-class while Contineum’s PIPE-791 will emerge as the best-in-class program with improved pharmacology.
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