Contineum shares fall after mid-stage trial misses primary goal
Shares of Contineum Therapeutics CTNM.O fell 9.6% to $13.40.
Contineum said late on Monday its experimental depression drug, co-developed with Johnson & Johnson JNJ.N, failed to meet the main goal of a mid-stage study.
The drug, JNJ-5120 or PIPE-307, did not show the required improvement in depression symptoms compared with a placebo.
J&J said it continues to review the broader data from the study to decide the next steps for the medicine.
The trial failure "removes an upside driver, but not thesis changing" for Contineum, Stifel analysts said, while remaining focused on the company's lung disease pipeline.
Shares of JNJ fell as much as 2.1% to $260.68 on Tuesday.
As of the last close, CTNM was up 17.4% year to date.
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