Contineum Therapeutics shares jump after Bristol Myers Squibb reports Phase 3 success in IPF trial
Bristol Myers Squibb announced that its Phase 3 ALOFT‑IPF trial of admilparant met its primary endpoint, showing a statistically significant improvement in forced vital capacity at a 60 mg twice‑daily dose. The result validates the LPA1 receptor as a therapeutic target, directly benefiting Contineum Therapeutics, whose lead candidate PIPE‑791 is an oral LPA1 antagonist in Phase 2. Contineum’s stock surged 21‑27% in pre‑market trading, with the price quoted at $16.99 versus $13.38 the prior close.
Why it matters
Analysts note that the trial’s success removes a class‑level safety concern and supports the scientific rationale for PIPE‑791, prompting buy ratings and price targets of $20‑$24. The share‑price jump reflects investor expectations of a higher valuation for Contineum, although PIPE‑791 still must demonstrate its own efficacy and safety in its ongoing Phase 2 study.
Key facts
- 1Contineum shares rose 27% in pre‑market trading, quoted at $16.99 versus $13.38 the previous close. uk.investing.com
- 2Bristol Myers Squibb’s Phase 3 ALOFT‑IPF trial met its primary endpoint, showing a statistically significant improvement in absolute change in forced vital capacity after 52 weeks at a 60 mg twice‑daily dose. investing.com
- 3PIPE‑791, Contineum’s lead drug, is an oral LPA1 antagonist currently in a global Phase 2 PROPEL‑IPF trial. investing.com
- 4Analyst buy ratings carry price targets ranging from roughly $20 to $24. investing.com
- 5The stock surge was 21.1% in pre‑open trading according to another report. investing.com
Summary written by AlphAI AI Desk from 3 of 3 sources. Not investment advice. Figures are as stated by the linked sources.