Cara Therapeutics (NASDAQ:CARA) Receives “Buy” Rating from Needham & Company LLC

Needham & Company LLC restated their buy rating on shares of Cara Therapeutics (NASDAQ:CARAFree Report) in a research report released on Thursday morning, Benzinga reports. Needham & Company LLC currently has a $5.00 price objective on the biopharmaceutical company’s stock.

Several other research analysts have also recently issued reports on the stock. Canaccord Genuity Group decreased their price objective on shares of Cara Therapeutics from $11.00 to $10.00 and set a buy rating for the company in a report on Wednesday, March 6th. StockNews.com downgraded Cara Therapeutics from a hold rating to a sell rating in a research note on Wednesday, March 6th. Finally, HC Wainwright decreased their target price on Cara Therapeutics from $7.00 to $2.50 and set a buy rating for the company in a research note on Tuesday, December 19th. One research analyst has rated the stock with a sell rating, one has given a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Cara Therapeutics presently has a consensus rating of Hold and an average price target of $9.75.

Get Our Latest Research Report on CARA

Cara Therapeutics Trading Up 4.7 %

NASDAQ CARA opened at $0.91 on Thursday. The company has a 50-day moving average price of $0.74 and a two-hundred day moving average price of $1.02. The stock has a market cap of $49.74 million, a price-to-earnings ratio of -0.42 and a beta of 0.70. Cara Therapeutics has a 52 week low of $0.50 and a 52 week high of $5.20.

Cara Therapeutics (NASDAQ:CARAGet Free Report) last issued its quarterly earnings data on Monday, March 4th. The biopharmaceutical company reported ($0.59) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.57) by ($0.02). The company had revenue of $3.00 million for the quarter, compared to the consensus estimate of $2.34 million. Cara Therapeutics had a negative net margin of 565.21% and a negative return on equity of 122.10%. During the same quarter in the prior year, the firm earned ($0.56) earnings per share. As a group, equities research analysts expect that Cara Therapeutics will post -1.25 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the company. Millennium Management LLC purchased a new position in Cara Therapeutics during the 2nd quarter worth approximately $7,105,000. IQ EQ FUND MANAGEMENT IRELAND Ltd boosted its position in shares of Cara Therapeutics by 904.2% in the third quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd now owns 848,845 shares of the biopharmaceutical company’s stock worth $1,426,000 after buying an additional 764,315 shares during the period. AQR Capital Management LLC purchased a new position in shares of Cara Therapeutics during the third quarter valued at $1,087,000. Bank of America Corp DE raised its position in Cara Therapeutics by 1,009.4% during the fourth quarter. Bank of America Corp DE now owns 670,864 shares of the biopharmaceutical company’s stock valued at $7,205,000 after buying an additional 610,395 shares during the period. Finally, Woodline Partners LP raised its position in Cara Therapeutics by 1,385.2% during the second quarter. Woodline Partners LP now owns 631,351 shares of the biopharmaceutical company’s stock valued at $1,787,000 after buying an additional 588,842 shares during the period. 44.66% of the stock is owned by hedge funds and other institutional investors.

Cara Therapeutics Company Profile

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Cara Therapeutics, Inc, a development-stage biopharmaceutical company, focuses on developing and commercializing therapeutics treatment of chronic pruritus in the United States. The company's lead product is KORSUVA (difelikefalin) injection for the treatment of moderate-to-severe pruritus associated with chronic kidney disease (CKD) in adults undergoing hemodialysis.

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