Shares of Cara Therapeutics Inc (NASDAQ:CARA) traded down 0% during trading on Thursday . The stock traded as low as $12.56 and last traded at $12.77. 1,396,929 shares were traded during trading, an increase of 64% from the average session volume of 854,225 shares. The stock had previously closed at $12.77.

CARA has been the subject of a number of recent research reports. Needham & Company LLC reissued a “buy” rating and issued a $23.00 price objective on shares of Cara Therapeutics in a report on Wednesday, October 4th. Zacks Investment Research downgraded shares of Cara Therapeutics from a “buy” rating to a “hold” rating in a report on Wednesday, October 4th. Scotiabank cut their price objective on shares of Cara Therapeutics from $32.00 to $31.00 and set an “outperform” rating for the company in a report on Thursday, September 28th. ValuEngine downgraded shares of Cara Therapeutics from a “hold” rating to a “sell” rating in a report on Wednesday, September 27th. Finally, Stifel Nicolaus reissued a “buy” rating and issued a $17.00 price objective on shares of Cara Therapeutics in a report on Wednesday. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the stock. The company currently has a consensus rating of “Buy” and an average target price of $24.97.

The stock has a market capitalization of $416.41, a price-to-earnings ratio of -5.48 and a beta of 2.97.

Cara Therapeutics (NASDAQ:CARA) last issued its quarterly earnings results on Thursday, November 2nd. The biopharmaceutical company reported ($0.38) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.35) by ($0.03). During the same period in the prior year, the company earned ($0.42) EPS. sell-side analysts expect that Cara Therapeutics Inc will post -1.84 EPS for the current fiscal year.

In other news, CEO Derek T. Chalmers sold 16,000 shares of the company’s stock in a transaction that occurred on Wednesday, November 1st. The shares were sold at an average price of $12.66, for a total transaction of $202,560.00. Following the completion of the sale, the chief executive officer now owns 1,066,292 shares of the company’s stock, valued at approximately $13,499,256.72. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 7.70% of the company’s stock.

Institutional investors have recently modified their holdings of the company. Legal & General Group Plc lifted its holdings in shares of Cara Therapeutics by 10.4% during the 2nd quarter. Legal & General Group Plc now owns 7,167 shares of the biopharmaceutical company’s stock worth $118,000 after acquiring an additional 678 shares during the period. Fred Alger Management Inc. bought a new stake in shares of Cara Therapeutics during the 2nd quarter worth approximately $123,000. Capital Fund Management S.A. acquired a new position in Cara Therapeutics during the 2nd quarter worth approximately $171,000. State Board of Administration of Florida Retirement System acquired a new position in Cara Therapeutics during the 3rd quarter worth approximately $180,000. Finally, Rathbone Brothers plc acquired a new position in Cara Therapeutics during the 2nd quarter worth approximately $185,000. 58.64% of the stock is owned by institutional investors.

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About Cara Therapeutics

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. It is developing a class of product candidates that target the body’s peripheral nervous system.

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