Cara Therapeutics (NASDAQ:CARA) Given “Hold” Rating at Canaccord Genuity Group

Canaccord Genuity Group reiterated their hold rating on shares of Cara Therapeutics (NASDAQ:CARA) in a report published on Thursday, Marketbeat reports. Canaccord Genuity Group currently has a $1.00 price target on the biopharmaceutical company’s stock, down from their previous price target of $10.00.

Several other research firms have also weighed in on CARA. HC Wainwright lowered shares of Cara Therapeutics from a buy rating to a neutral rating in a report on Thursday. Canaccord Genuity Group lowered shares of Cara Therapeutics from a buy rating to a hold rating and reduced their target price for the company from $10.00 to $1.00 in a report on Thursday. Stifel Nicolaus lowered shares of Cara Therapeutics from a buy rating to a hold rating and reduced their target price for the company from $6.00 to $1.00 in a report on Thursday. StockNews.com downgraded shares of Cara Therapeutics from a hold rating to a sell rating in a research note on Wednesday, March 6th. Finally, Needham & Company LLC downgraded shares of Cara Therapeutics from a buy rating to a hold rating in a research note on Thursday. One investment analyst has rated the stock with a sell rating and six have assigned a hold rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of Hold and an average target price of $3.93.

Cara Therapeutics Stock Down 21.1 %

Shares of CARA opened at $0.35 on Thursday. The firm has a market cap of $19.14 million, a PE ratio of -0.16 and a beta of 0.79. The company’s fifty day moving average is $0.71 and its two-hundred day moving average is $0.75. Cara Therapeutics has a fifty-two week low of $0.34 and a fifty-two week high of $4.45.

Cara Therapeutics (NASDAQ:CARA) last posted its earnings results on Monday, May 13th. The biopharmaceutical company reported ($0.56) earnings per share for the quarter, missing the consensus estimate of ($0.38) by ($0.18). The business had revenue of $2.14 million for the quarter, compared to analyst estimates of $2.25 million. Cara Therapeutics had a negative net margin of 723.49% and a negative return on equity of 174.15%. As a group, equities research analysts anticipate that Cara Therapeutics will post -1.23 earnings per share for the current year.

Institutional Investors Weigh In On Cara Therapeutics

Hedge funds and other institutional investors have recently modified their holdings of the stock. Mackenzie Financial Corp increased its position in shares of Cara Therapeutics by 71.2% in the 4th quarter. Mackenzie Financial Corp now owns 53,678 shares of the biopharmaceutical company’s stock worth $40,000 after purchasing an additional 22,329 shares during the last quarter. Marquette Asset Management LLC bought a new stake in shares of Cara Therapeutics in the 1st quarter worth about $86,000. Algert Global LLC bought a new stake in shares of Cara Therapeutics in the 3rd quarter worth about $99,000. Assenagon Asset Management S.A. increased its position in shares of Cara Therapeutics by 155.8% in the 4th quarter. Assenagon Asset Management S.A. now owns 167,838 shares of the biopharmaceutical company’s stock worth $125,000 after purchasing an additional 102,230 shares during the last quarter. Finally, Acadian Asset Management LLC bought a new stake in shares of Cara Therapeutics in the 3rd quarter worth about $383,000. Institutional investors own 44.66% of the company’s stock.

About Cara Therapeutics

Cara Therapeutics, Inc, a development-stage biopharmaceutical company, focuses on developing and commercializing therapeutics treatment of chronic pruritus in the United States. The company's lead product is KORSUVA (difelikefalin) injection for the treatment of moderate-to-severe pruritus associated with chronic kidney disease (CKD) in adults undergoing hemodialysis.