Needham Keeps a Buy Rating on Cara Therapeutics (CARA)

In a report released yesterday, Alan Carr from Needham maintained a Buy rating on Cara Therapeutics (CARAResearch Report), with a price target of $28. The company’s shares closed yesterday at $19.47.

According to TipRanks.com, Carr is a 4-star analyst with an average return of 5.5% and a 44.7% success rate. Carr covers the Healthcare sector, focusing on stocks such as Biohaven Pharmaceutical Holding Co Ltd, ACADIA Pharmaceuticals Inc, and Rhythm Pharmaceuticals Inc.

The word on The Street in general, suggests a Strong Buy analyst consensus rating for Cara Therapeutics with a $26.57 average price target, representing a 36.5% upside. In a report issued on April 15, Cantor Fitzgerald also reiterated a Buy rating on the stock with a $27 price target.

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Based on Cara Therapeutics’ latest earnings release for the quarter ending December 31, the company reported a quarterly GAAP net loss of $20.65 million. In comparison, last year the company had a GAAP net loss of $16.77 million.

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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.