After H.C. Wainwright and Needham gave Cara Therapeutics (NASDAQ: CARA) a Buy rating last month, the company received another Buy, this time from Canaccord Genuity. Analyst Arlinda Lee maintained a Buy rating on Cara Therapeutics yesterday and set a price target of $30.00. The company’s shares closed last Wednesday at $15.67.
According to TipRanks.com, Lee is a 4-star analyst with an average return of 9.2% and a 51.3% success rate. Lee covers the Healthcare sector, focusing on stocks such as Turning Point Therapeutics, Black Diamond Therapeutics, and Ultragenyx Pharmaceutical.
The word on The Street in general, suggests a Strong Buy analyst consensus rating for Cara Therapeutics with a $29.00 average price target, implying a 92.9% upside from current levels. In a report issued on November 10, Needham also reiterated a Buy rating on the stock with a $35.00 price target.
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Based on Cara Therapeutics’ latest earnings release for the quarter ending June 30, the company reported a quarterly revenue of $5.63 million and GAAP net loss of $25.07 million. In comparison, last year the company earned revenue of $5.79 million and had a GAAP net loss of $32.84 million.
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CARA Therapeutics, Inc. is a clinical-stage biopharmaceutical company, which engages in the research, development, and commercialization of novel therapeutics. Its portfolio includes opioid-based products, anesthetic-based drugs, and analgesics that targets to alleviate itch and pain. The company was founded by Derek T. Chalmers, Michael E. Lewis, and Frederique Menzaghi on July 2, 2004 and is headquartered in Stamford, CT.
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