Cara Therapeutics, Inc. (NASDAQ:CARA) Sees Large Decline in Short Interest

Cara Therapeutics, Inc. (NASDAQ:CARA) was the target of a large decline in short interest during the month of August. As of August 31st, there was short interest totalling 1,110,000 shares, a decline of 24.0% from the August 15th total of 1,460,000 shares. Based on an average trading volume of 886,300 shares, the days-to-cover ratio is currently 1.3 days. Currently, 2.4% of the shares of the stock are short sold.

Wall Street Analyst Weigh In

Several brokerages have recently commented on CARA. StockNews.com assumed coverage on Cara Therapeutics in a report on Tuesday, September 10th. They set a “sell” rating for the company. Canaccord Genuity Group cut shares of Cara Therapeutics from a “buy” rating to a “hold” rating and decreased their target price for the stock from $10.00 to $1.00 in a report on Thursday, June 13th. HC Wainwright downgraded shares of Cara Therapeutics from a “buy” rating to a “neutral” rating in a research report on Thursday, June 13th. Stifel Nicolaus downgraded shares of Cara Therapeutics from a “buy” rating to a “hold” rating and reduced their price target for the company from $6.00 to $1.00 in a research report on Thursday, June 13th. Finally, Canaccord Genuity Group reiterated a “hold” rating and set a $1.00 price objective (down from $10.00) on shares of Cara Therapeutics in a research report on Thursday, June 13th. One investment analyst has rated the stock with a sell rating and six have given a hold rating to the stock. According to MarketBeat.com, Cara Therapeutics has an average rating of “Hold” and an average target price of $2.32.

Cara Therapeutics Stock Performance

Shares of CARA stock traded down $0.00 during trading on Tuesday, hitting $0.27. 212,466 shares of the company were exchanged, compared to its average volume of 673,177. The business’s 50-day simple moving average is $0.34 and its 200 day simple moving average is $0.56. Cara Therapeutics has a twelve month low of $0.24 and a twelve month high of $2.31. The firm has a market capitalization of $14.60 million, a price-to-earnings ratio of -0.12 and a beta of 0.70.

Cara Therapeutics (NASDAQ:CARA) last posted its quarterly earnings results on Wednesday, August 14th. The biopharmaceutical company reported ($0.37) EPS for the quarter, missing the consensus estimate of ($0.27) by ($0.10). Cara Therapeutics had a negative net margin of 1,010.20% and a negative return on equity of 241.31%. The company had revenue of $0.99 million for the quarter, compared to analysts’ expectations of $1.26 million. On average, equities analysts forecast that Cara Therapeutics will post -1.24 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the company. Disciplined Growth Investors Inc. MN increased its stake in shares of Cara Therapeutics by 6.6% during the 2nd quarter. Disciplined Growth Investors Inc. MN now owns 1,935,718 shares of the biopharmaceutical company’s stock worth $499,000 after purchasing an additional 120,660 shares during the last quarter. Marquette Asset Management LLC bought a new stake in Cara Therapeutics in the first quarter worth $86,000. Finally, Rosalind Advisors Inc. acquired a new position in Cara Therapeutics during the first quarter worth $1,409,000. 44.66% of the stock is owned by institutional investors and hedge funds.

Cara Therapeutics Company Profile

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.