Cara Therapeutics (NASDAQ:CARA) Given Buy Rating at HC Wainwright

HC Wainwright reiterated their buy rating on shares of Cara Therapeutics (NASDAQ:CARA) in a research report sent to investors on Wednesday, Benzinga reports. They currently have a $3.60 target price on the biopharmaceutical company’s stock. HC Wainwright also issued estimates for Cara Therapeutics’ Q2 2024 earnings at ($0.22) EPS, Q3 2024 earnings at ($0.15) EPS, Q4 2024 earnings at ($0.14) EPS, FY2024 earnings at ($0.97) EPS, FY2026 earnings at ($0.51) EPS and FY2028 earnings at ($0.22) EPS.

CARA has been the subject of a number of other reports. StockNews.com downgraded Cara Therapeutics from a hold rating to a sell rating in a research note on Wednesday, March 6th. Needham & Company LLC restated a buy rating and set a $5.00 price target on shares of Cara Therapeutics in a research report on Tuesday, May 14th. Finally, Canaccord Genuity Group cut their price objective on shares of Cara Therapeutics from $11.00 to $10.00 and set a buy rating on the stock in a research report on Wednesday, March 6th. One research analyst has rated the stock with a sell rating, one has issued a hold rating and three have given a buy rating to the company. According to MarketBeat, Cara Therapeutics currently has a consensus rating of Hold and an average target price of $11.12.

Cara Therapeutics Stock Performance

NASDAQ CARA opened at $0.75 on Wednesday. Cara Therapeutics has a one year low of $0.50 and a one year high of $4.45. The company has a 50-day simple moving average of $0.80 and a 200-day simple moving average of $0.82. The firm has a market capitalization of $41.01 million, a PE ratio of -0.33 and a beta of 0.74.

Cara Therapeutics (NASDAQ:CARA) last issued its earnings results on Monday, March 4th. The biopharmaceutical company reported ($0.59) EPS for the quarter, missing analysts’ consensus estimates of ($0.57) by ($0.02). The company had revenue of $3.00 million during the quarter, compared to analyst estimates of $2.34 million. Cara Therapeutics had a negative net margin of 723.49% and a negative return on equity of 174.15%. During the same quarter in the previous year, the firm earned ($0.56) earnings per share. Equities analysts forecast that Cara Therapeutics will post -1.23 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of CARA. Mackenzie Financial Corp lifted its holdings in Cara Therapeutics by 71.2% in the fourth quarter. Mackenzie Financial Corp now owns 53,678 shares of the biopharmaceutical company’s stock worth $40,000 after purchasing an additional 22,329 shares during the period. Marquette Asset Management LLC acquired a new stake in shares of Cara Therapeutics in the 1st quarter worth approximately $86,000. Algert Global LLC bought a new position in shares of Cara Therapeutics in the third quarter valued at approximately $99,000. Assenagon Asset Management S.A. acquired a new position in shares of Cara Therapeutics during the third quarter valued at approximately $110,000. Finally, SG Americas Securities LLC raised its holdings in Cara Therapeutics by 36.1% during the third quarter. SG Americas Securities LLC now owns 67,954 shares of the biopharmaceutical company’s stock worth $114,000 after purchasing an additional 18,022 shares in the last quarter. Institutional investors own 44.66% of the company’s stock.

About Cara Therapeutics

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.