JPMorgan Chase & Co. Lowers Cara Therapeutics (NASDAQ:CARA) Price Target to $16.00

Cara Therapeutics (NASDAQ:CARA – Get Rating) had its price target reduced by JPMorgan Chase & Co. from $19.00 to $16.00 in a research report issued to clients and investors on Tuesday, Benzinga reports. The brokerage currently has an “overweight” rating on the biopharmaceutical company’s stock. JPMorgan Chase & Co.‘s target price suggests a potential upside of 149.61% from the company’s current price.

Several other equities analysts have also recently commented on the stock. Bank of America cut shares of Cara Therapeutics from a “neutral” rating to an “underperform” rating and cut their target price for the company from $13.00 to $6.00 in a research note on Tuesday. Needham & Company LLC cut their target price on shares of Cara Therapeutics from $26.00 to $22.00 and set a “buy” rating for the company in a research note on Tuesday. HC Wainwright cut their target price on shares of Cara Therapeutics from $25.00 to $20.00 and set a “buy” rating for the company in a research note on Tuesday. Finally, Piper Sandler cut their target price on shares of Cara Therapeutics from $25.00 to $13.00 and set an “overweight” rating for the company in a research note on Tuesday. One research analyst has rated the stock with a sell rating, one has issued a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat, Cara Therapeutics currently has an average rating of “Moderate Buy” and an average target price of $18.71.

Cara Therapeutics Price Performance

NASDAQ:CARA opened at $6.41 on Tuesday. The stock has a market cap of $344.41 million, a P/E ratio of -4.03 and a beta of 0.99. Cara Therapeutics has a one year low of $6.11 and a one year high of $13.97. The company has a fifty day moving average price of $10.78 and a 200 day moving average price of $10.54.

Insider Buying and Selling at Cara Therapeutics

In other Cara Therapeutics news, CEO Christopher Posner sold 4,191 shares of the business’s stock in a transaction on Thursday, February 2nd. The shares were sold at an average price of $11.80, for a total value of $49,453.80. Following the sale, the chief executive officer now owns 182,370 shares of the company’s stock, valued at approximately $2,151,966. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other news, insider Joana Goncalves sold 2,992 shares of the company’s stock in a transaction dated Wednesday, December 21st. The shares were sold at an average price of $11.27, for a total value of $33,719.84. Following the sale, the insider now owns 71,901 shares of the company’s stock, valued at approximately $810,324.27. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CEO Christopher Posner sold 4,191 shares of the company’s stock in a transaction dated Thursday, February 2nd. The stock was sold at an average price of $11.80, for a total transaction of $49,453.80. Following the completion of the sale, the chief executive officer now directly owns 182,370 shares in the company, valued at approximately $2,151,966. The disclosure for this sale can be found here. Insiders have sold 12,954 shares of company stock valued at $147,171 in the last 90 days. 3.20% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Federated Hermes Inc. lifted its position in Cara Therapeutics by 27.7% during the 1st quarter. Federated Hermes Inc. now owns 6,009 shares of the biopharmaceutical company’s stock worth $73,000 after buying an additional 1,302 shares in the last quarter. Mutual of America Capital Management LLC lifted its position in Cara Therapeutics by 17.9% during the 2nd quarter. Mutual of America Capital Management LLC now owns 7,111 shares of the biopharmaceutical company’s stock worth $65,000 after buying an additional 1,078 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its position in Cara Therapeutics by 29.3% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 7,610 shares of the biopharmaceutical company’s stock worth $82,000 after buying an additional 1,724 shares in the last quarter. Cetera Advisor Networks LLC acquired a new position in Cara Therapeutics during the 2nd quarter worth about $93,000. Finally, Rafferty Asset Management LLC acquired a new position in Cara Therapeutics during the 2nd quarter worth about $97,000. Institutional investors and hedge funds own 69.26% of the company’s stock.

Cara Therapeutics Company Profile

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CARA Therapeutics, Inc is a clinical-stage biopharmaceutical company, which focuses on developing and commercializing new chemical entities designed to alleviate pruritus by selectively targeting peripheral kappa opioid receptors (KORs). Its portfolio includes opioid-based products, anesthetic-based drugs, and analgesics that targets to alleviate itch and pain.