Shares of Cara Therapeutics Inc. (NASDAQ:CARA) rose 6.5% on Wednesday . The stock traded as high as $6.32 and last traded at $6.23, with a volume of 646,575 shares. The stock had previously closed at $5.85.

CARA has been the subject of several recent analyst reports. Piper Jaffray Cos. reaffirmed an “overweight” rating and set a $23.00 price objective on shares of Cara Therapeutics in a report on Saturday, April 23rd. Needham & Company LLC reaffirmed a “buy” rating on shares of Cara Therapeutics in a report on Friday, May 6th. Canaccord Genuity reaffirmed a “buy” rating and set a $30.00 price objective on shares of Cara Therapeutics in a report on Friday, May 6th. Cantor Fitzgerald reaffirmed a “buy” rating on shares of Cara Therapeutics in a report on Wednesday, April 20th. Finally, Zacks Investment Research raised shares of Cara Therapeutics from a “hold” rating to a “buy” rating and set a $5.50 price objective for the company in a report on Wednesday, July 6th. One equities research analyst has rated the stock with a hold rating and six have given a buy rating to the company. Cara Therapeutics currently has an average rating of “Buy” and an average price target of $21.21.

The firm’s 50 day moving average price is $5.20 and its 200 day moving average price is $6.57. The company’s market capitalization is $169.42 million.

Cara Therapeutics (NASDAQ:CARA) last posted its quarterly earnings data on Thursday, May 5th. The biopharmaceutical company reported ($0.39) earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.40) by $0.01. The business earned $0.01 million during the quarter, compared to the consensus estimate of $0.03 million. During the same period in the prior year, the firm earned ($0.21) EPS. The business’s revenue for the quarter was down 98.6% on a year-over-year basis. On average, equities research analysts expect that Cara Therapeutics Inc. will post ($1.72) EPS for the current year.

A hedge fund recently raised its stake in Cara Therapeutics stock. GSA Capital Partners LLP raised its position in shares of Cara Therapeutics Inc. (NASDAQ:CARA) by 29.5% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 91,073 shares of the biopharmaceutical company’s stock after buying an additional 20,754 shares during the period. GSA Capital Partners LLP owned about 0.33% of Cara Therapeutics worth $1,535,000 as of its most recent filing with the SEC.

Cara Therapeutics, Inc is a clinical-stage biopharmaceutical company. The Company is focused on developing and commercializing chemical entities designed to alleviate pain and pruritus by focusing on kappa opioid receptors. The Company is engaged in developing product candidates that focus on the body’s peripheral nervous system.

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