Contineum drops 25% on mixed Bristol Myers IPF data; Stifel keeps Buy rating

Contineum Therapeutics' shares experienced a 25% drop after Bristol Myers Squibb announced positive results from its Phase 3 ALOFT-IPF trial for its LPA1 antagonist, admilparant. Contineum's lead asset, PIPE-791, targets the same biological pathway as admilparant. While the 60mg dose showed a statistically significant reduction in forced vital capacity (FVC) compared to placebo after 52 weeks, the 120mg dose did not reach statistical significance.

Stifel analyst Paul Matteis maintained a Buy rating on Contineum, emphasizing the net positive impact of the trial results on the company's underlying science and the validation of the LPA1 mechanism in IPF.

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