Cantor Fitzgerald analyst Charles Duncan reiterated a Buy rating on Cara Therapeutics (CARA) yesterday and set a price target of $27. The company’s shares closed yesterday at $17.43.
Duncan commented:
“. We reiterate our Overweight rating and price target of $27 per share on CARA. Cara reported its 4Q18 financial performance and ended the period with cash of $182.8M. Our model projects sufficient funding into 2021, and through several upcoming clinical milestones, including the -2 readouts for IV KORSUVA (chronic kidney disease associated pruritus, CKD-aP, dialysis pts) in 2Q19 and 2H19, respectively. Importantly, we view these P3 studies as clinically risk-reduced based on P2-driven design and the IDMC’s recent recommendation to maintain the target enrollment as the study is sufficiently sized, given an analysis of variability, to see a statistically significant difference between active and placebo arms.”
According to TipRanks.com, Duncan is a 3-star analyst with an average return of 2.0% and a 46.8% 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 $23.50, implying a 34.8% 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 September 30, the company reported a quarterly GAAP net loss of $19.4 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.
