Cara Therapeutics Inc. (NASDAQ:CARA) shares shot up 3.1% on Tuesday . The stock traded as high as $6.07 and last traded at $6.05, with a volume of 379,207 shares trading hands. The stock had previously closed at $5.87.

Several brokerages have weighed in on CARA. Zacks Investment Research downgraded Cara Therapeutics from a “hold” rating to a “sell” rating in a research note on Tuesday. Needham & Company LLC lowered their target price on Cara Therapeutics from $27.00 to $23.00 and set a “buy” rating on the stock in a research note on Sunday. Stifel Nicolaus decreased their price target on Cara Therapeutics from $25.00 to $24.00 and set a “buy” rating on the stock in a research note on Friday. Cantor Fitzgerald restated a “buy” rating on shares of Cara Therapeutics in a research note on Friday. Finally, Canaccord Genuity restated a “buy” rating and issued a $30.00 price target on shares of Cara Therapeutics in a research note on Friday, May 6th. One investment analyst has rated the stock with a sell rating and seven have assigned a buy rating to the company’s stock. The company currently has an average rating of “Buy” and a consensus target price of $21.06.

The stock’s market cap is $164.78 million. The company has a 50 day moving average price of $5.35 and a 200-day moving average price of $6.19.

Cara Therapeutics (NASDAQ:CARA) last posted its earnings results on Thursday, August 4th. The biopharmaceutical company reported ($0.48) EPS for the quarter, missing the consensus estimate of ($0.42) by $0.06. During the same quarter in the prior year, the company posted ($0.25) EPS. The company earned $0.08 million during the quarter, compared to analysts’ expectations of $0.13 million. Cara Therapeutics’s revenue for the quarter was down 91.0% compared to the same quarter last year. Analysts predict that Cara Therapeutics Inc. will post ($1.84) EPS for the current year.

An institutional investor recently raised its position in Cara Therapeutics stock. Jennison Associates LLC boosted its position in shares of 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 (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 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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