In a report released today, Oren Livnat from H.C. Wainwright reiterated a Buy rating on Cara Therapeutics (CARA), with a price target of $26. The company’s shares closed yesterday at $19.71.
Livnat noted:
“We soon expect the interim conditional powering analysis of of patients complete 12-weeks treatment, which should allow potential sample increase up to N=500 from initial N=350. That should come by year-end, consistent with previous Phase 2b enrollment speed (174 patients enrolled in approximately 7 months). We understand some investors are nervous about the optics of potentially needing to increase the powering, and we too wouldn’t think it necessary if the strong Phase 2b efficacy—statistical separation from placebo with just 40-45 patients/arm—carried over to Phase 3, but it’s always better safe than sorry. If it takes more patients for the company to remain highly confident in the powering, so be it.”
According to TipRanks.com, Livnat is a 4-star analyst with an average return of 6.2% and a 57.5% success rate. Livnat covers the Healthcare sector, focusing on stocks such as Pacira Pharmaceuticals, Jazz Pharmaceuticals, and Agile Therapeutics.
The word on The Street in general, suggests a Strong Buy analyst consensus rating for Cara Therapeutics with a $26.75 average price target, a 35.7% upside from current levels. In a report released yesterday, 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 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 $12.44 million.
Based on the recent corporate insider activity of 19 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of CARA in relation to earlier this year. Earlier this month, Frederique Ph Menzaghi, the Sr VP-Research & Development of CARA bought 10,000 shares for a total of $22,500.
TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.
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.
