Cara Therapeutics (NASDAQ:CARA) Receives Hold Rating from Canaccord Genuity Group

Canaccord Genuity Group restated their hold rating on shares of Cara Therapeutics (NASDAQ:CARA) in a report released on Thursday morning, Marketbeat.com reports. The brokerage currently has a $1.00 price objective on the biopharmaceutical company’s stock, down from their previous price objective of $10.00.

Other analysts have also issued research reports about the company. StockNews.com cut Cara Therapeutics from a hold rating to a sell rating in a research note on Wednesday, March 6th. Stifel Nicolaus cut Cara Therapeutics from a buy rating to a hold rating and dropped their price target for the company from $6.00 to $1.00 in a report on Thursday. Canaccord Genuity Group cut Cara Therapeutics from a buy rating to a hold rating and decreased their target price for the stock from $10.00 to $1.00 in a report on Thursday. HC Wainwright downgraded Cara Therapeutics from a buy rating to a neutral rating in a report on Thursday. Finally, Needham & Company LLC cut Cara Therapeutics from a buy rating to a hold rating in a research note on Thursday. One research 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.com, Cara Therapeutics currently has an average rating of Hold and a consensus price target of $3.93.

Cara Therapeutics Trading Down 21.1 %

CARA stock opened at $0.35 on Thursday. The firm’s 50-day moving average is $0.71 and its two-hundred day moving average is $0.75. The company has a market capitalization of $19.14 million, a price-to-earnings ratio of -0.16 and a beta of 0.79. Cara Therapeutics has a 52 week low of $0.34 and a 52 week high of $4.45.

Cara Therapeutics (NASDAQ:CARA) last announced its earnings results on Monday, May 13th. The biopharmaceutical company reported ($0.56) EPS for the quarter, missing the consensus estimate of ($0.38) by ($0.18). The firm had revenue of $2.14 million for the quarter, compared to the consensus estimate of $2.25 million. Cara Therapeutics had a negative return on equity of 174.15% and a negative net margin of 723.49%. On average, equities research analysts predict that Cara Therapeutics will post -1.28 earnings per share for the current year.

Institutional Investors Weigh In On Cara Therapeutics

Several institutional investors have recently made changes to their positions in CARA. Mackenzie Financial Corp boosted 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 in the last quarter. Algert Global LLC bought a new position in Cara Therapeutics during the third quarter valued at about $99,000. Marquette Asset Management LLC acquired a new stake in shares of Cara Therapeutics in the first quarter worth about $86,000. Assenagon Asset Management S.A. boosted its stake in shares of Cara Therapeutics by 155.8% during the 4th quarter. Assenagon Asset Management S.A. now owns 167,838 shares of the biopharmaceutical company’s stock worth $125,000 after acquiring an additional 102,230 shares in the last quarter. Finally, Acadian Asset Management LLC acquired a new position in shares of Cara Therapeutics during the 3rd quarter valued at about $383,000. 44.66% of the stock is currently owned by institutional investors and hedge funds.

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.