Needham Sticks to Their Buy Rating for Cara Therapeutics (CARA)

In a report issued on August 8, Alan Carr from Needham maintained a Buy rating on Cara Therapeutics (CARAResearch Report), with a price target of $35. The company’s shares closed on Friday at $23.37.

According to TipRanks.com, Carr is a 3-star analyst with an average return of 1.8% and a 41.8% success rate. Carr covers the Healthcare sector, focusing on stocks such as ACADIA Pharmaceuticals Inc, Rhythm Pharmaceuticals Inc, and Lexicon Pharmaceuticals.

Currently, the analyst consensus on Cara Therapeutics is a Strong Buy with an average price target of $34.17, implying a 46.2% upside from current levels. In a report issued on July 30, Piper Jaffray also maintained a Buy rating on the stock with a $39 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 $22.96 million. In comparison, last year the company had a GAAP net loss of $17.19 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.