Cara Therapeutics Inc. (NASDAQ:CARA) shares dropped 2.6% during mid-day trading on Tuesday . The stock traded as low as $6.21 and last traded at $6.39, with a volume of 422,662 shares trading hands. The stock had previously closed at $6.56.

CARA has been the topic of several recent research reports. Cantor Fitzgerald reaffirmed a “buy” rating on shares of Cara Therapeutics in a research note on Wednesday, April 20th. Needham & Company LLC reiterated a “buy” rating on shares of Cara Therapeutics in a research report on Thursday, April 21st. Zacks Investment Research upgraded shares of Cara Therapeutics from a “hold” rating to a “buy” rating and set a $5.50 price target on the stock in a research report on Wednesday, July 6th. Canaccord Genuity reiterated a “buy” rating and issued a $30.00 price target on shares of Cara Therapeutics in a research report on Friday, May 6th. Finally, Stifel Nicolaus cut their price target on shares of Cara Therapeutics from $25.00 to $24.00 and set a “buy” rating on the stock in a research report on Friday, August 5th. One analyst has rated the stock with a sell rating and seven have issued a buy rating to the stock. The stock has an average rating of “Buy” and a consensus target price of $21.06.

The company’s market cap is $164.51 million. The company has a 50 day moving average of $5.58 and a 200 day moving average of $6.05.

Cara Therapeutics (NASDAQ:CARA) last issued its earnings results on Thursday, August 4th. The biopharmaceutical company reported ($0.48) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.42) by $0.06. The business earned $0.08 million during the quarter, compared to analysts’ expectations of $0.13 million. The company’s quarterly revenue was down 91.0% on a year-over-year basis. During the same period last year, the firm posted ($0.25) earnings per share. Analysts anticipate that Cara Therapeutics Inc. will post ($1.81) earnings per share for the current fiscal year.

A hedge fund recently raised its stake in Cara Therapeutics stock. Jennison Associates LLC raised its stake in Cara Therapeutics Inc. (NASDAQ:CARA) by 0.3% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 656,467 shares of the biopharmaceutical company’s stock after buying an additional 2,009 shares during the period. Jennison Associates LLC owned about 2.41% of Cara Therapeutics worth $11,068,000 as of its most recent SEC filing.

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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