California Public Employees Retirement System boosted its holdings in Cara Therapeutics Inc (NASDAQ:CARA) by 16.7% during the third quarter, Holdings Channel reports. The fund owned 166,273 shares of the biopharmaceutical company’s stock after acquiring an additional 23,773 shares during the period. California Public Employees Retirement System’s holdings in Cara Therapeutics were worth $2,276,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also modified their holdings of the company. Legal & General Group Plc lifted its holdings in Cara Therapeutics by 10.4% in the second 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 last quarter. Fred Alger Management Inc. bought a new position in Cara Therapeutics in the second quarter worth about $123,000. Capital Fund Management S.A. bought a new position in Cara Therapeutics in the second quarter worth about $171,000. Voya Investment Management LLC lifted its holdings in Cara Therapeutics by 15.4% in the second quarter. Voya Investment Management LLC now owns 12,316 shares of the biopharmaceutical company’s stock worth $190,000 after acquiring an additional 1,646 shares during the last quarter. Finally, State Board of Administration of Florida Retirement System bought a new position in Cara Therapeutics in the third quarter worth about $180,000. 58.64% of the stock is currently owned by hedge funds and other institutional investors.

In related news, CEO Derek T. Chalmers sold 16,000 shares of the business’s stock in a transaction that occurred on Wednesday, November 1st. The stock was sold at an average price of $12.66, for a total transaction of $202,560.00. Following the sale, the chief executive officer now owns 1,066,292 shares of the company’s stock, valued at $13,499,256.72. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 7.70% of the stock is owned by insiders.

A number of equities analysts have issued reports on CARA shares. Scotiabank raised their target price on shares of Cara Therapeutics from $31.00 to $31.50 and gave the stock an “outperform” rating in a report on Tuesday, October 17th. ValuEngine cut shares of Cara Therapeutics from a “hold” rating to a “sell” rating in a report on Wednesday, September 27th. BidaskClub raised Cara Therapeutics from a “sell” rating to a “hold” rating in a report on Saturday, December 2nd. Raymond James Financial lifted their price target on Cara Therapeutics from $25.00 to $26.00 and gave the company a “market perform” rating in a report on Tuesday, November 7th. Finally, Zacks Investment Research cut Cara Therapeutics from a “buy” rating to a “hold” rating in a report on Wednesday, October 4th. Two research analysts have rated the stock with a sell rating, four have given a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company. Cara Therapeutics has an average rating of “Buy” and a consensus price target of $24.97.

Shares of Cara Therapeutics Inc (NASDAQ CARA) opened at $12.55 on Thursday. The firm has a market capitalization of $401.74, a P/E ratio of -5.48 and a beta of 2.97. Cara Therapeutics Inc has a twelve month low of $11.11 and a twelve month high of $28.50.

Cara Therapeutics (NASDAQ:CARA) last released 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 quarter in the prior year, the company earned ($0.42) earnings per share. sell-side analysts predict that Cara Therapeutics Inc will post -1.84 earnings per share for the current fiscal year.

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Cara Therapeutics Company Profile

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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Institutional Ownership by Quarter for Cara Therapeutics (NASDAQ:CARA)

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