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Update: Contineum Therapeutics Shares Fall After Phase 2 Major Depressive Disorder Study Fails to Meet Primary Efficacy Endpoint

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(Updates with the latest stock price movement in the headline and first paragraph.)

Contineum Therapeutics (CTNM) shares were down more than 9% in Tuesday trading, a day after the company said the phase 2 MOONLIGHT-1 trial of JNJ-5120/PIPE-307 for the treatment of major depressive disorder did not meet its primary efficacy endpoint.

JNJ-5120/PIPE-307 is being developed by Johnson & Johnson (JNJ) under a global license and development agreement, the company noted.

The study evaluated improvement from baseline in the Montgomery-Asberg Depression Rating Scale total score at Day 5 compared with placebo, the company said, adding that the treatment was well tolerated and showed no new safety signals.

Johnson & Johnson is continuing to review the trial data, including prespecified exploratory endpoints, to determine next steps for the program, according to a statement.

Price: $13.46, Change: $-1.36, Percent Change: -9.18%

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