Cara Therapeutics (CARA) Upgraded to Buy by Janney Montgomery Scott

Cara Therapeutics (NASDAQ:CARA) was upgraded by research analysts at Janney Montgomery Scott from a “neutral” rating to a “buy” rating in a research note issued to investors on Monday, MarketBeat reports. The firm currently has a $21.00 target price on the biopharmaceutical company’s stock, down from their previous target price of $27.00. Janney Montgomery Scott’s price target would indicate a potential upside of 53.28% from the stock’s current price.

A number of other brokerages have also recently commented on CARA. Scotiabank lifted their price target on Cara Therapeutics from $31.00 to $31.50 and gave the stock an “outperform” rating in a research note on Tuesday, October 17th. Stifel Nicolaus reaffirmed a “buy” rating and issued a $17.00 price target on shares of Cara Therapeutics in a research note on Wednesday, January 3rd. BidaskClub raised Cara Therapeutics from a “sell” rating to a “hold” rating in a research note on Saturday, December 2nd. ValuEngine cut Cara Therapeutics from a “hold” rating to a “sell” rating in a research note on Friday, December 1st. Finally, Zacks Investment Research cut Cara Therapeutics from a “hold” rating to a “sell” rating in a research note on Friday, January 5th. Two analysts have rated the stock with a sell rating, three have issued a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the company. The stock has an average rating of “Buy” and a consensus target price of $25.09.

Shares of Cara Therapeutics (NASDAQ CARA) traded up $1.40 during trading on Monday, reaching $13.70. The company’s stock had a trading volume of 1,919,308 shares, compared to its average volume of 1,310,000. The stock has a market cap of $446.74, a PE ratio of -5.98 and a beta of 3.01. Cara Therapeutics has a 1-year low of $11.11 and a 1-year high of $28.50.

In other news, SVP Frederique Ph.D. Menzaghi sold 15,000 shares of Cara Therapeutics stock in a transaction that occurred on Wednesday, January 24th. The stock was sold at an average price of $15.00, for a total value of $225,000.00. Following the sale, the senior vice president now directly owns 122,000 shares in the company, valued at approximately $1,830,000. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CEO Derek T. Chalmers sold 12,500 shares of Cara Therapeutics stock in a transaction that occurred on Wednesday, January 24th. The stock was sold at an average price of $15.00, for a total value of $187,500.00. Following the completion of the sale, the chief executive officer now owns 1,073,792 shares in the company, valued at $16,106,880. The disclosure for this sale can be found here. 7.50% of the stock is currently owned by company insiders.

Several hedge funds have recently modified their holdings of CARA. Vanguard Group Inc. boosted its position in shares of Cara Therapeutics by 17.4% during the second quarter. Vanguard Group Inc. now owns 1,107,874 shares of the biopharmaceutical company’s stock valued at $17,050,000 after purchasing an additional 164,247 shares in the last quarter. Gotham Asset Management LLC bought a new stake in shares of Cara Therapeutics during the second quarter valued at approximately $448,000. JPMorgan Chase & Co. boosted its position in shares of Cara Therapeutics by 30.3% during the third quarter. JPMorgan Chase & Co. now owns 359,875 shares of the biopharmaceutical company’s stock valued at $4,790,000 after purchasing an additional 83,725 shares in the last quarter. C WorldWide Group Holding A S boosted its position in shares of Cara Therapeutics by 76.6% during the third quarter. C WorldWide Group Holding A S now owns 291,341 shares of the biopharmaceutical company’s stock valued at $3,988,000 after purchasing an additional 126,330 shares in the last quarter. Finally, Dynamic Technology Lab Private Ltd bought a new stake in shares of Cara Therapeutics during the third quarter valued at approximately $451,000. Hedge funds and other institutional investors own 58.98% of the company’s stock.

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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.

Analyst Recommendations for Cara Therapeutics (NASDAQ:CARA)

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