Cara Therapeutics (CARA) Received its Third Buy in a Row

After Stifel Nicolaus and Needham gave Cara Therapeutics (NASDAQ: CARA) a Buy rating last month, the company received another Buy, this time from Cantor Fitzgerald. Analyst Charles Duncan reiterated a Buy rating on Cara Therapeutics today and set a price target of $27. The company’s shares closed on Friday at $18.73.

Duncan observed:

“We reiterate our Overweight rating and 12-month price target of $27 on Cara Therapeutics. We recently hosted a KOL call with a physician who has expertise in chronic kidney disease associated pruritus (CKD-aP). As a result of this recent due diligence, we have enhanced conviction about the P3 KALM-1/-2 study readouts and potential for KORSUVA (CR845/difelikefalin) to usher-in a paradigm shift and a new SoC for this high-burden symptom of disease. Our KOL chaired the DSMB for the KORSUVA Phase 2 study and is an investigator for the P3 KALM-1 study, although we explicitly did not address his P3 patient experience.”

According to TipRanks.com, Duncan is a 4-star analyst with an average return of 5.3% and a 50.2% success rate. Duncan covers the Healthcare sector, focusing on stocks such as Biohaven Pharmaceutical Holding Co Ltd, Crinetics Pharmaceuticals Inc, and KalVista Pharmaceuticals Inc.

Currently, the analyst consensus on Cara Therapeutics is a Strong Buy with an average price target of $26.57, a 41.9% upside from current levels. In a report issued on April 8, Stifel Nicolaus also maintained a Buy rating on the stock with a $26 price target.

See today’s analyst top recommended stocks >>

The company has a one-year high of $24.30 and a one-year low of $11.50. Currently, Cara Therapeutics has an average volume of 619.7K.

TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.

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.