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.
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.
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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