Canaccord Genuity reissued their buy rating on shares of Cara Therapeutics (NASDAQ:CARA) in a research note issued to investors on Thursday morning, MarketBeat reports. They currently have a $22.00 price objective on the biopharmaceutical company’s stock, up from their previous price objective of $21.00.
Several other research firms have also recently weighed in on CARA. HC Wainwright upped their price target on shares of Cara Therapeutics from $24.00 to $26.00 and gave the stock a buy rating in a report on Thursday. Needham & Company LLC upped their price target on shares of Cara Therapeutics from $23.00 to $28.00 and gave the stock a buy rating in a report on Wednesday, June 27th. BidaskClub raised shares of Cara Therapeutics from a strong sell rating to a sell rating in a report on Wednesday, June 13th. Laidlaw set a $26.00 price target on shares of Cara Therapeutics and gave the stock a buy rating in a report on Thursday, May 24th. Finally, Stifel Nicolaus upped their price target on shares of Cara Therapeutics to $20.00 and gave the stock a buy rating in a report on Wednesday, May 23rd. One investment analyst has rated the stock with a sell rating, four have issued a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the stock. The company presently has a consensus rating of Buy and a consensus price target of $24.63.
Shares of CARA stock opened at $19.15 on Thursday. Cara Therapeutics has a 1 year low of $11.11 and a 1 year high of $22.29. The firm has a market cap of $626.21 million, a price-to-earnings ratio of -10.30 and a beta of 3.03.
Cara Therapeutics (NASDAQ:CARA) last issued its earnings results on Wednesday, May 9th. The biopharmaceutical company reported ($0.51) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.47) by ($0.04). equities research analysts forecast that Cara Therapeutics will post -2.17 earnings per share for the current fiscal year.
In related news, SVP Frederique Ph.D. Menzaghi sold 9,000 shares of the company’s stock in a transaction on Wednesday, May 23rd. The shares were sold at an average price of $15.19, for a total value of $136,710.00. Following the completion of the transaction, the senior vice president now directly owns 110,000 shares in the company, valued at $1,670,900. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 6.70% of the stock is currently owned by insiders.
A number of hedge funds and other institutional investors have recently bought and sold shares of CARA. BlackRock Inc. boosted its position in Cara Therapeutics by 25.6% during the fourth quarter. BlackRock Inc. now owns 2,207,407 shares of the biopharmaceutical company’s stock valued at $27,018,000 after buying an additional 449,334 shares during the period. Nexthera Capital LP purchased a new stake in Cara Therapeutics during the first quarter valued at about $4,346,000. ETF Managers Group LLC boosted its position in Cara Therapeutics by 165.8% during the first quarter. ETF Managers Group LLC now owns 337,486 shares of the biopharmaceutical company’s stock valued at $3,992,000 after buying an additional 210,534 shares during the period. UBS Group AG boosted its position in Cara Therapeutics by 359.1% during the first quarter. UBS Group AG now owns 178,260 shares of the biopharmaceutical company’s stock valued at $2,207,000 after buying an additional 139,436 shares during the period. Finally, Goldman Sachs Group Inc. boosted its position in Cara Therapeutics by 732.3% during the fourth quarter. Goldman Sachs Group Inc. now owns 78,811 shares of the biopharmaceutical company’s stock valued at $964,000 after buying an additional 91,275 shares during the period. Institutional investors and hedge funds own 54.42% of the company’s stock.
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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