In a report issued on May 8, Alan Carr from Needham maintained a Buy rating on Cara Therapeutics (CARA), with a price target of $28. The company’s shares closed on Friday at $18.81.
Carr commented:
“Cara hosted a quarterly conference call yesterday to provide a corporate update. All pts in KALM-1 trial have now completed treatment and last visit. Top-line results are expected later this quarter (unch). We continue to believe announcement will be in Jun 2019. Cara is evaluating oral 2 trials across three indications (Non-dialysis CKD: Results 2H19; Chronic Liver Disease: Initiate 2Q19; Atopic Dermatitis: Initiate mid-2019). BUY. Stock does not reflect likelihood of success for Korsuva in CKD Dialysis. We note no effective treatment and minimal competitive development.”
According to TipRanks.com, Carr is a 4-star analyst with an average return of 4.6% and a 44.3% success rate. Carr covers the Healthcare sector, focusing on stocks such as Biohaven Pharmaceutical Holding Co Ltd, ACADIA Pharmaceuticals Inc, and Rhythm Pharmaceuticals Inc.
Cara Therapeutics has an analyst consensus of Strong Buy, with a price target consensus of $26.57, a 41.3% upside from current levels. In a report issued on May 9, H.C. Wainwright also maintained a Buy rating on the stock with a $26 price target.
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Based on Cara Therapeutics’ latest earnings release for the quarter ending March 31, the company reported a quarterly GAAP net loss of $21.96 million. In comparison, last year the company had a GAAP net loss of $16.77 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.
