Needham Remains a Buy on Cara Therapeutics (CARA)

In a report released today, Alan Carr from Needham maintained a Buy rating on Cara Therapeutics (CARA), with a price target of $35.00. The company’s shares closed last Monday at $19.34.

According to TipRanks.com, Carr is a 1-star analyst with an average return of -1.0% and a 38.4% 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 $34.25, which is a 77.6% upside from current levels. In a report issued on October 14, Stifel Nicolaus also maintained a Buy rating on the stock with a $33.00 price target.

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Based on Cara Therapeutics’ latest earnings release for the quarter ending June 30, the company reported a quarterly GAAP net loss of $22.96 million. In comparison, last year the company had a GAAP net loss of $19.4 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.