Piper Jaffray Companies Raises Cara Therapeutics (NASDAQ:CARA) Price Target to $39.00

Cara Therapeutics (NASDAQ:CARA) had its price target lifted by Piper Jaffray Companies from $35.00 to $39.00 in a research report released on Tuesday, BenzingaRatingsTable reports. The firm currently has an overweight rating on the biopharmaceutical company’s stock. Piper Jaffray Companies also issued estimates for Cara Therapeutics’ Q3 2019 earnings at ($0.62) EPS, Q4 2019 earnings at ($0.63) EPS, FY2019 earnings at ($2.39) EPS, Q1 2020 earnings at ($0.66) EPS, Q2 2020 earnings at ($0.67) EPS, Q3 2020 earnings at ($0.60) EPS, FY2020 earnings at ($2.48) EPS, FY2021 earnings at ($2.07) EPS, FY2022 earnings at $0.25 EPS and FY2023 earnings at $2.90 EPS.

Other analysts have also recently issued reports about the stock. HC Wainwright upped their target price on shares of Cara Therapeutics from $28.00 to $31.00 and gave the company an average rating in a report on Monday, July 22nd. Needham & Company LLC upped their target price on shares of Cara Therapeutics from $28.00 to $35.00 and gave the company a buy rating in a report on Wednesday, May 29th. BidaskClub raised shares of Cara Therapeutics from a buy rating to a strong-buy rating in a report on Tuesday, July 23rd. Laidlaw upped their target price on shares of Cara Therapeutics from $26.00 to $32.00 and gave the company a buy rating in a report on Wednesday, May 29th. Finally, Zacks Investment Research raised shares of Cara Therapeutics from a hold rating to a buy rating and set a $24.00 target price for the company in a report on Tuesday, July 9th. Two equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. The company currently has a consensus rating of Buy and an average price target of $26.94.

Cara Therapeutics stock traded down $0.04 during midday trading on Tuesday, reaching $22.85. 31,103 shares of the company traded hands, compared to its average volume of 1,078,539. Cara Therapeutics has a 12 month low of $12.19 and a 12 month high of $27.55. The stock has a market cap of $918.70 million, a price-to-earnings ratio of -11.11 and a beta of 2.25. The company has a debt-to-equity ratio of 0.04, a current ratio of 3.40 and a quick ratio of 3.40. The company’s 50 day simple moving average is $22.47.

Cara Therapeutics (NASDAQ:CARA) last announced its earnings results on Tuesday, May 7th. The biopharmaceutical company reported ($0.56) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.55) by ($0.01). Cara Therapeutics had a negative net margin of 443.71% and a negative return on equity of 67.30%. The business had revenue of $4.38 million for the quarter, compared to analysts’ expectations of $5.14 million. Sell-side analysts forecast that Cara Therapeutics will post -2.35 earnings per share for the current fiscal year.

In other news, Director Jeffrey L. Ives sold 2,500 shares of the stock in a transaction on Monday, July 1st. The shares were sold at an average price of $21.75, for a total value of $54,375.00. Following the completion of the sale, the director now directly owns 8,500 shares of the company’s stock, valued at $184,875. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CFO Mani Mohindru sold 2,496 shares of the stock in a transaction on Wednesday, May 29th. The stock was sold at an average price of $21.39, for a total transaction of $53,389.44. Following the completion of the sale, the chief financial officer now directly owns 16,359 shares of the company’s stock, valued at $349,919.01. The disclosure for this sale can be found here. Over the last three months, insiders sold 88,348 shares of company stock valued at $2,088,842. Corporate insiders own 5.80% of the company’s stock.

Several hedge funds and other institutional investors have recently made changes to their positions in CARA. C WorldWide Group Holding A S increased its stake in shares of Cara Therapeutics by 390.4% in the second quarter. C WorldWide Group Holding A S now owns 703,460 shares of the biopharmaceutical company’s stock worth $15,124,000 after purchasing an additional 560,000 shares in the last quarter. Deutsche Bank AG grew its stake in Cara Therapeutics by 141.9% during the fourth quarter. Deutsche Bank AG now owns 304,177 shares of the biopharmaceutical company’s stock valued at $3,953,000 after acquiring an additional 178,414 shares in the last quarter. First Manhattan Co. grew its stake in Cara Therapeutics by 17.3% during the first quarter. First Manhattan Co. now owns 981,220 shares of the biopharmaceutical company’s stock valued at $19,251,000 after acquiring an additional 144,578 shares in the last quarter. Two Sigma Investments LP purchased a new position in Cara Therapeutics during the fourth quarter valued at $1,578,000. Finally, DekaBank Deutsche Girozentrale grew its stake in Cara Therapeutics by 340.7% during the second quarter. DekaBank Deutsche Girozentrale now owns 59,500 shares of the biopharmaceutical company’s stock valued at $1,258,000 after acquiring an additional 46,000 shares in the last quarter. 56.17% of the stock is owned by hedge funds and other institutional investors.

About Cara Therapeutics

Cara Therapeutics, Inc, a clinical-stage biopharmaceutical company, focuses on developing and commercializing chemical entities with a primary focus on pruritus and pain by selectively targeting kappa opioid receptors in the United States. The company is developing product candidates that target the body's peripheral nervous system and immune cells.

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