Cara Therapeutics Inc. (NASDAQ:CARA) shares fell 4.6% during trading on Tuesday . The company traded as low as $5.71 and last traded at $5.76, with a volume of 348,013 shares. The stock had previously closed at $6.04.

CARA has been the topic of several recent research reports. Needham & Company LLC reaffirmed a “buy” rating on shares of Cara Therapeutics in a report on Friday, May 6th. Zacks Investment Research cut Cara Therapeutics from a “buy” rating to a “hold” rating in a report on Monday, July 11th. 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. Cantor Fitzgerald reaffirmed a “buy” rating on shares of Cara Therapeutics in a report on Wednesday, April 20th. Finally, 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. One equities research analyst has rated the stock with a hold rating and six have issued a buy rating to the company’s stock. The company presently has an average rating of “Buy” and a consensus price target of $21.21.

The company’s market cap is $157.69 million. The firm’s 50-day moving average is $5.22 and its 200-day moving average is $6.39.

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

A hedge fund recently raised its stake in Cara Therapeutics stock. Jennison Associates LLC raised its stake in shares of Cara Therapeutics Inc. (NASDAQ:CARA) by 0.3% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 656,467 shares of the biopharmaceutical company’s stock after buying an additional 2,009 shares during the period. Jennison Associates LLC owned 2.41% of Cara Therapeutics worth $11,068,000 at the end of the most recent reporting period.

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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