Contineum Therapeutics Shares Drop After Failed Phase 2 Trial for Depression Drug
Contineum Therapeutics (NASDAQ:CTNM) shares fell sharply on Tuesday following the announcement that its Phase 2 MOONLIGHT-1 trial did not meet primary efficacy endpoints for JNJ-5120/PIPE-307, a depression drug developed in partnership with Johnson & Johnson. The failure marks a setback for both companies and has led to immediate market reaction. Johnson & Johnson is currently reviewing the data from the study, including prespecified exploratory endpoints, before deciding on next steps for the compound. Despite this news-driven decline, CTNM had shown strong momentum in recent weeks according to Benzinga Edge metrics. Traders are now watching whether the drop will be a temporary correction or signal deeper trouble. The stock was down nearly 10% at $13.40 as of publication time.
