Canaccord Genuity Believes Cara Therapeutics (NASDAQ: CARA) Still Has Room to Grow

In a report released today, Arlinda Lee from Canaccord Genuity maintained a Buy rating on Cara Therapeutics (CARAResearch Report), with a price target of $30.00. The company’s shares closed last Thursday at $18.05, close to its 52-week high of $19.13.

According to TipRanks.com, Lee is a 5-star analyst with an average return of 16.3% and a 52.5% success rate. Lee covers the Healthcare sector, focusing on stocks such as Turning Point Therapeutics, Black Diamond Therapeutics, and Ultragenyx Pharmaceutical.

Currently, the analyst consensus on Cara Therapeutics is a Strong Buy with an average price target of $29.00.

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The company has a one-year high of $19.13 and a one-year low of $8.88. Currently, Cara Therapeutics has an average volume of 424.5K.

Based on the recent corporate insider activity of 45 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of CARA in relation to earlier this year.

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CARA Therapeutics, Inc. is a clinical-stage biopharmaceutical company, which engages in the research, development, and commercialization of novel therapeutics. Its portfolio includes opioid-based products, anesthetic-based drugs, and analgesics that targets to alleviate itch and pain. The company was founded by Derek T. Chalmers, Michael E. Lewis, and Frederique Menzaghi on July 2, 2004 and is headquartered in Stamford, CT.