Cara Therapeutics (CARA) Gets a Buy Rating from Cantor Fitzgerald

Cantor Fitzgerald analyst Charles Duncan reiterated a Buy rating on Cara Therapeutics (CARAResearch Report) today and set a price target of $27. The company’s shares closed yesterday at $19.72.

Duncan commented:

“. We reiterate our Overweight rating and 12-month price target of $27. Tuesday, after market close, CARA reported 3Q18 revenues of $5.1M and cash of $206.1M. Our model projects the current cash to fund operations to 2021. Questions on the earnings call centered on a P2 study design for oral KORSUVA to address pruritus in chronic liver disease (CLD) patients. Although the dosing regimen may be different due to limitations placed on CKD patients compared to CLD patients, the overall study design will be similar to that seen in stage III-V CKD- aP patients.”

According to TipRanks.com, Duncan is a 2-star analyst with an average return of 0.5% and a 44.6% success rate. Duncan covers the Healthcare sector, focusing on stocks such as Biohaven Pharmaceutical Holding Co Ltd, KalVista Pharmaceuticals Inc, and ACADIA Pharmaceuticals Inc.

The word on The Street in general, suggests a Strong Buy analyst consensus rating for Cara Therapeutics with a $26.75 average price target.

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Based on Cara Therapeutics’ latest earnings release for the quarter ending June 30, the company reported a quarterly GAAP net loss of $17.19 million. In comparison, last year the company had a GAAP net loss of $12.44 million.

Based on the recent corporate insider activity of 19 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of CARA in relation to earlier this year. Earlier this month, Frederique Ph Menzaghi, the Sr VP-Research & Development of CARA bought 10,000 shares for a total of $22,500.

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CARA Therapeutics, Inc. engages in the research, development, and commercialization of pharmaceutical products. Its portfolio includes opioid-based products, anesthetic-based drugs, and analgesics that targets to alleviate itch and pain.