Contineum Therapeutics shares fell 9.58% to $13.40 on Tuesday after its phase 2 MOONLIGHT-1 trial of JNJ-5120/PIPE-307 in major depressive disorder failed to meet its primary efficacy endpoint. The study compared improvement from baseline on the Montgomery-Åsberg Depression Rating Scale at Day 5 with placebo. The drug was well-tolerated and showed no new safety signals. Johnson & Johnson is reviewing the broader data, including prespecified exploratory endpoints, to determine next steps under its global licensing agreement with Contineum. The decline came as futures pointed to a risk-off session, although the clinical update appeared to be the main driver. Shares remained above the $13.60 200-day simple moving average but below the $15.34 50-day average, while the stock's 52-week range was $8.60 to $17.79. Benzinga Edge showed a bullish momentum score of 77.61, although the news-driven decline puts that signal under review. Designed to act within days rather than the weeks often associated with antidepressants, the same compound also failed to show a benefit in a 2025 multiple sclerosis study.