Cara Therapeutics (NASDAQ:CARA) Coverage Initiated at StockNews.com

Research analysts at StockNews.com assumed coverage on shares of Cara Therapeutics (NASDAQ:CARA) in a report issued on Wednesday. The firm set a “sell” rating on the biopharmaceutical company’s stock.

Several other brokerages also recently commented on CARA. Canaccord Genuity Group downgraded shares of Cara Therapeutics from a “buy” rating to a “hold” rating and decreased their price objective for the company from $10.00 to $1.00 in a research report on Thursday, June 13th. Stifel Nicolaus downgraded shares of Cara Therapeutics from a “buy” rating to a “hold” rating and decreased their price objective for the company from $6.00 to $1.00 in a research report on Thursday, June 13th. Needham & Company LLC downgraded shares of Cara Therapeutics from a “buy” rating to a “hold” rating in a research report on Thursday, June 13th. HC Wainwright downgraded shares of Cara Therapeutics from a “buy” rating to a “neutral” rating in a report on Thursday, June 13th. Finally, Canaccord Genuity Group reiterated a “hold” rating and issued a $1.00 price target (down from $10.00) on shares of Cara Therapeutics in a report on Thursday, June 13th. One analyst has rated the stock with a sell rating and six have assigned a hold rating to the company. According to MarketBeat, Cara Therapeutics 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 $0.37 on Wednesday. The company’s fifty day simple moving average is $0.46 and its 200-day simple moving average is $0.64. The stock has a market capitalization of $19.96 million, a PE ratio of -0.16 and a beta of 0.69. Cara Therapeutics has a 1-year low of $0.24 and a 1-year high of $3.45.

Cara Therapeutics (NASDAQ:CARA) last announced its quarterly earnings data 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 net margin of 723.49% and a negative return on equity of 174.15%. As a group, research analysts anticipate that Cara Therapeutics will post -1.28 EPS for the current year.

Hedge Funds Weigh In On Cara Therapeutics

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Rosalind Advisors Inc. purchased a new position in shares of Cara Therapeutics in the 1st quarter worth $1,409,000. Federated Hermes Inc. grew its stake in shares of Cara Therapeutics by 3.5% in the 4th quarter. Federated Hermes Inc. now owns 831,849 shares of the biopharmaceutical company’s stock worth $618,000 after buying an additional 28,365 shares in the last quarter. Assenagon Asset Management S.A. grew its stake in shares of 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 worth $125,000 after buying an additional 102,230 shares in the last quarter. Marquette Asset Management LLC purchased a new position in shares of Cara Therapeutics during the 1st quarter worth about $86,000. Finally, Mackenzie Financial Corp boosted its stake in shares of Cara Therapeutics by 71.2% during the 4th 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. 44.66% of the stock is owned by hedge funds and other institutional investors.

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.