Cara Therapeutics (NASDAQ:CARA) Stock Rating Reaffirmed by HC Wainwright

HC Wainwright reaffirmed their buy rating on shares of Cara Therapeutics (NASDAQ:CARA) in a report released on Wednesday, Benzinga reports. HC Wainwright currently has a $3.60 price target on the biopharmaceutical company’s stock. HC Wainwright also issued estimates for Cara Therapeutics’ Q2 2024 earnings at ($0.22) EPS, Q3 2024 earnings at ($0.15) EPS, Q4 2024 earnings at ($0.14) EPS, FY2024 earnings at ($0.97) EPS, FY2026 earnings at ($0.51) EPS and FY2028 earnings at ($0.22) EPS.

A number of other equities analysts also recently commented on the stock. Canaccord Genuity Group cut their price objective on shares of Cara Therapeutics from $11.00 to $10.00 and set a buy rating for the company in a research report on Wednesday, March 6th. StockNews.com downgraded shares of Cara Therapeutics from a hold rating to a sell rating in a research report on Wednesday, March 6th. Finally, Needham & Company LLC reiterated a buy rating and set a $5.00 target price on shares of Cara Therapeutics in a research report on Tuesday, May 14th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and three have given a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of Hold and an average price target of $11.12.

Cara Therapeutics Stock Performance

Shares of CARA opened at $0.75 on Wednesday. The company has a market capitalization of $41.01 million, a price-to-earnings ratio of -0.33 and a beta of 0.74. Cara Therapeutics has a fifty-two week low of $0.50 and a fifty-two week high of $4.45. The firm has a 50-day simple moving average of $0.80 and a 200-day simple moving average of $0.82.

Cara Therapeutics (NASDAQ:CARA) last announced its 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). The company had revenue of $3.00 million during the quarter, compared to analysts’ expectations of $2.34 million. Cara Therapeutics had a negative net margin of 723.49% and a negative return on equity of 174.15%. During the same quarter last year, the business posted ($0.56) earnings per share. Equities research analysts forecast that Cara Therapeutics will post -1.23 EPS for the current year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. SG Americas Securities LLC grew its holdings in shares of Cara Therapeutics by 36.1% in the 3rd quarter. SG Americas Securities LLC now owns 67,954 shares of the biopharmaceutical company’s stock worth $114,000 after acquiring an additional 18,022 shares during the period. Mackenzie Financial Corp purchased a new position in shares of Cara Therapeutics in the third quarter valued at $51,000. Assenagon Asset Management S.A. acquired a new position in shares of Cara Therapeutics during the 3rd quarter worth $110,000. Acadian Asset Management LLC purchased a new stake in shares of Cara Therapeutics in the 3rd quarter worth about $383,000. Finally, Algert Global LLC acquired a new stake in Cara Therapeutics in the 3rd quarter valued at about $99,000. 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.