Zacks Investment Research upgraded shares of Cara Therapeutics (NASDAQ:CARA) from a sell rating to a hold rating in a research report report published on Wednesday morning.
According to Zacks, “Cara Therapeutics, Inc. is a biopharmaceutical company. The company is focused on developing and commercializing new chemical entities designed to alleviate pain. Cara Therapeutics, Inc. is based in Shelton, United States. “
CARA has been the topic of several other reports. Cantor Fitzgerald initiated coverage on Cara Therapeutics in a report on Friday, September 21st. They issued an overweight rating and a $27.00 target price on the stock. Jefferies Financial Group initiated coverage on Cara Therapeutics in a report on Thursday, September 13th. They issued a buy rating and a $30.00 target price on the stock. BidaskClub raised Cara Therapeutics from a sell rating to a hold rating in a report on Friday, August 31st. Canaccord Genuity boosted their target price on Cara Therapeutics from $22.00 to $24.00 and gave the stock a buy rating in a report on Wednesday, August 15th. Finally, Stifel Nicolaus upped their price target on Cara Therapeutics from $22.00 to $26.00 and gave the company a buy rating in a report on Wednesday, August 8th. Two research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company. The stock presently has an average rating of Buy and an average target price of $26.11.
Cara Therapeutics (NASDAQ:CARA) last released its earnings results on Tuesday, November 6th. The biopharmaceutical company reported ($0.51) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.46) by ($0.05). The business had revenue of $5.06 million during the quarter, compared to analyst estimates of $4.72 million. Analysts anticipate that Cara Therapeutics will post -2.1 EPS for the current year.
In other news, CEO Derek T. Chalmers sold 20,000 shares of the company’s stock in a transaction on Tuesday, September 4th. The stock was sold at an average price of $19.71, for a total transaction of $394,200.00. Following the transaction, the chief executive officer now directly owns 1,031,392 shares of the company’s stock, valued at $20,328,736.32. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO Mani Mohindru sold 16,042 shares of the company’s stock in a transaction on Wednesday, October 17th. The shares were sold at an average price of $20.19, for a total value of $323,887.98. Following the transaction, the chief financial officer now directly owns 16,042 shares in the company, valued at $323,887.98. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 112,526 shares of company stock worth $2,284,302. Corporate insiders own 6.70% of the company’s stock.
Several large investors have recently made changes to their positions in CARA. Cornerstone Wealth Management LLC acquired a new stake in shares of Cara Therapeutics during the 2nd quarter worth about $715,000. First Manhattan Co. increased its position in Cara Therapeutics by 205.9% in the 2nd quarter. First Manhattan Co. now owns 557,000 shares of the biopharmaceutical company’s stock valued at $10,666,000 after acquiring an additional 374,900 shares in the last quarter. State of Wisconsin Investment Board increased its position in Cara Therapeutics by 38.0% in the 2nd quarter. State of Wisconsin Investment Board now owns 27,600 shares of the biopharmaceutical company’s stock valued at $529,000 after acquiring an additional 7,600 shares in the last quarter. C WorldWide Group Holding A S increased its position in Cara Therapeutics by 25.1% in the 2nd quarter. C WorldWide Group Holding A S now owns 289,950 shares of the biopharmaceutical company’s stock valued at $5,553,000 after acquiring an additional 58,175 shares in the last quarter. Finally, Cypress Capital Management LLC WY acquired a new stake in Cara Therapeutics in the 2nd quarter valued at about $1,426,000. 51.38% of the stock is currently owned by hedge funds and other institutional investors.
About Cara Therapeutics
Cara Therapeutics, Inc, a clinical-stage biopharmaceutical company, focuses on developing and commercializing chemical entities designed to alleviate pruritus and pain by selectively targeting kappa opioid receptors in the United States. The company is developing product candidates that target the body's peripheral nervous system and immune cells.
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