StockNews.com Initiates Coverage on Cara Therapeutics (NASDAQ:CARA)

StockNews.com started coverage on shares of Cara Therapeutics (NASDAQ:CARA) in a research note published on Sunday. The brokerage issued a sell rating on the biopharmaceutical company’s stock.

Other analysts also recently issued reports about the stock. Needham & Company LLC downgraded shares of Cara Therapeutics from a buy rating to a hold rating in a report on Thursday, June 13th. Canaccord Genuity Group cut shares of Cara Therapeutics from a buy rating to a hold rating and dropped their price objective for the company from $10.00 to $1.00 in a research note on Thursday, June 13th. HC Wainwright cut shares of Cara Therapeutics from a buy rating to a neutral rating in a research note on Thursday, June 13th. Canaccord Genuity Group restated a hold rating and issued a $1.00 price objective (down previously from $10.00) on shares of Cara Therapeutics in a research note on Thursday, June 13th. Finally, Stifel Nicolaus cut shares of Cara Therapeutics from a buy rating to a hold rating and dropped their price objective for the company from $6.00 to $1.00 in a research note on Thursday, June 13th. One investment analyst has rated the stock with a sell rating and six have assigned a hold rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of Hold and an average price target of $3.93.

Cara Therapeutics Price Performance

Shares of Cara Therapeutics stock opened at $0.27 on Friday. Cara Therapeutics has a fifty-two week low of $0.24 and a fifty-two week high of $3.45. The firm has a fifty day moving average price of $0.59 and a two-hundred day moving average price of $0.68. The company has a market cap of $14.87 million, a PE ratio of -0.12 and a beta of 0.70.

Cara Therapeutics (NASDAQ:CARA) last issued its quarterly earnings results on Monday, May 13th. The biopharmaceutical company reported ($0.56) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.38) by ($0.18). Cara Therapeutics had a negative net margin of 723.49% and a negative return on equity of 174.15%. The company had revenue of $2.14 million during the quarter, compared to the consensus estimate of $2.25 million. Analysts expect that Cara Therapeutics will post -1.28 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Cara Therapeutics

A number of hedge funds have recently made changes to their positions in the company. Federated Hermes Inc. increased its position in Cara Therapeutics by 3.5% in the 4th quarter. Federated Hermes Inc. now owns 831,849 shares of the biopharmaceutical company’s stock valued at $618,000 after acquiring an additional 28,365 shares in the last quarter. Assenagon Asset Management S.A. increased its position in Cara Therapeutics by 155.8% in the 4th quarter. Assenagon Asset Management S.A. now owns 167,838 shares of the biopharmaceutical company’s stock valued at $125,000 after acquiring an additional 102,230 shares in the last quarter. Mackenzie Financial Corp increased its position in Cara Therapeutics by 71.2% in the 4th quarter. Mackenzie Financial Corp now owns 53,678 shares of the biopharmaceutical company’s stock valued at $40,000 after acquiring an additional 22,329 shares in the last quarter. Algert Global LLC acquired a new stake in Cara Therapeutics in the 3rd quarter valued at about $99,000. Finally, Marquette Asset Management LLC acquired a new stake in Cara Therapeutics in the 1st quarter valued at about $86,000. Institutional investors and hedge funds 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.