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


After Jefferies and Cantor Fitzgerald gave Cara Therapeutics (NASDAQ: CARA) a Buy rating last month, the company received another Buy, this time from Needham. Analyst Alan Carr maintained a Buy rating on Cara Therapeutics today and set a price target of $28. The company’s shares opened today at $19.12.

Carr observed:

“Cara hosted a quarterly conference call to provide a corporate update.”

According to TipRanks.com, Carr is a 4-star analyst with an average return of 3.2% and a 43.3% success rate. Carr covers the Healthcare sector, focusing on stocks such as Biohaven Pharmaceutical Holding Co Ltd, ACADIA Pharmaceuticals Inc, and Rhythm Pharmaceuticals Inc.

Currently, the analyst consensus on Cara Therapeutics is a Strong Buy with an average price target of $25.57, implying a 33.7% upside from current levels. In a report issued on February 27, Jefferies also reiterated a Buy rating on the stock with a $22 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 $14.18 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.

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