Needham & Company LLC Reaffirms Buy Rating for Cara Therapeutics (NASDAQ:CARA)

Cara Therapeutics (NASDAQ:CARA)‘s stock had its “buy” rating restated by Needham & Company LLC in a report issued on Thursday, Benzinga reports. They currently have a $5.00 target price on the biopharmaceutical company’s stock. Needham & Company LLC’s price objective points to a potential upside of 475.37% from the company’s previous close.

Other equities research analysts also recently issued research reports about the company. Canaccord Genuity Group reduced their price target on Cara Therapeutics from $11.00 to $10.00 and set a “buy” rating on the stock in a research report on Wednesday, March 6th. HC Wainwright lowered 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. Finally, StockNews.com downgraded Cara Therapeutics from a “hold” rating to a “sell” rating in a research note on Wednesday, March 6th. One research analyst has rated the stock with a sell rating, one has given a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Hold” and a consensus price target of $9.75.

Cara Therapeutics Stock Up 19.0 %

CARA opened at $0.87 on Thursday. Cara Therapeutics has a 12-month low of $0.50 and a 12-month high of $5.20. The stock has a market cap of $47.50 million, a price-to-earnings ratio of -0.40 and a beta of 0.70. The business has a 50 day moving average of $0.73 and a 200-day moving average of $1.02.

Cara Therapeutics (NASDAQ:CARA) last released its quarterly earnings results on Monday, March 4th. The biopharmaceutical company reported ($0.59) earnings per share for the quarter, missing the consensus estimate of ($0.57) by ($0.02). Cara Therapeutics had a negative return on equity of 122.10% and a negative net margin of 565.21%. The firm had revenue of $3.00 million for the quarter, compared to analyst estimates of $2.34 million. During the same period in the previous year, the business posted ($0.56) earnings per share. As a group, analysts expect that Cara Therapeutics will post -1.25 earnings per share for the current year.

Institutional Trading of Cara Therapeutics

Hedge funds and other institutional investors have recently made changes to their positions in the company. Federated Hermes Inc. boosted its holdings in Cara Therapeutics by 27.7% in the first quarter. Federated Hermes Inc. now owns 6,009 shares of the biopharmaceutical company’s stock valued at $73,000 after acquiring an additional 1,302 shares during the last quarter. State of Wisconsin Investment Board boosted its holdings in Cara Therapeutics by 4.1% in the fourth quarter. State of Wisconsin Investment Board now owns 45,798 shares of the biopharmaceutical company’s stock valued at $492,000 after acquiring an additional 1,807 shares during the last quarter. Goldman Sachs Group Inc. boosted its holdings in Cara Therapeutics by 1.5% in the first quarter. Goldman Sachs Group Inc. now owns 127,947 shares of the biopharmaceutical company’s stock valued at $1,555,000 after acquiring an additional 1,900 shares during the last quarter. B. Riley Wealth Advisors Inc. boosted its holdings in Cara Therapeutics by 4.5% in the fourth quarter. B. Riley Wealth Advisors Inc. now owns 46,148 shares of the biopharmaceutical company’s stock valued at $496,000 after acquiring an additional 1,978 shares during the last quarter. Finally, Kestra Private Wealth Services LLC boosted its holdings in Cara Therapeutics by 18.4% in the first quarter. Kestra Private Wealth Services LLC now owns 12,857 shares of the biopharmaceutical company’s stock valued at $156,000 after acquiring an additional 2,000 shares during the last quarter. 44.66% of the stock is currently owned by institutional investors.

Cara Therapeutics Company Profile

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.