Needham analyst Alan Carr maintained a Buy rating on Cara Therapeutics (NASDAQ: CARA) today and set a price target of $23. The company’s shares closed yesterday at $12.93, close to its 52-week low of $11.11.
“Cara mgmt provided a quarterly corporate update yesterday. Enrollment in IV CR845 Phase 3 trial in postsurgical pain has been completed and results are expected Jun 2018. Although we believe CR845 can be an effective analgesic, the ongoing trial may not be evaluating the drug at high enough doses because of FDA concerns over hypernatremia. We are therefore somewhat cautious on outcome. Phase 3 trial of IV CR845 in hemodialysis patients w/ pruritus is underway. We believe results are likely 1H19, although no formal guidance from mgmt yet. Given strength of Phase 2 data, we expect positive outcome. Phase 2 trials of oral CR845 in pruritus tied to non-hemodialysis chronic kidney disease and chronic liver disease to start 2Q18 and 2H18. BUY. We do not believe even the CR845 program in pruritus is adequately reflected in stock.”
According to TipRanks.com, Carr is a 4-star analyst with an average return of 4.6% and a 40.4% success rate. Carr covers the Healthcare sector, focusing on stocks such as Biohaven Pharmaceutical Holding Co Ltd, ACADIA Pharmaceuticals Inc, and Rhythm Pharmaceuticals Inc.
Cara Therapeutics has an analyst consensus of Strong Buy, with a price target consensus of $22.33.
The company has a one-year high of $28.50 and a one-year low of $11.11. Currently, Cara Therapeutics has an average volume of 666.9K.
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CARA Therapeutics, Inc. is a clinical-stage company, which 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.