Cara Therapeutics (CARA) Stock Price Down 11.9% Following Insider Selling

Shares of Cara Therapeutics (NASDAQ:CARA) dropped 11.9% on Friday after an insider sold shares in the company. The stock traded as low as $14.85 and last traded at $17.43. Approximately 109,796 shares changed hands during trading, a decline of 91% from the average daily volume of 1,255,654 shares. The stock had previously closed at $15.58.

Specifically, SVP Frederique Ph.D. Menzaghi sold 9,000 shares of the business’s stock in a transaction on Wednesday, May 23rd. The stock was sold at an average price of $15.19, for a total value of $136,710.00. Following the sale, the senior vice president now owns 110,000 shares of the company’s stock, valued at approximately $1,670,900. The sale was disclosed in a legal filing with the SEC, which is available through this link. 6.70% of the stock is owned by insiders.

Several brokerages have issued reports on CARA. Janney Montgomery Scott upgraded Cara Therapeutics from a “neutral” rating to a “buy” rating and cut their price objective for the company from $27.00 to $21.00 in a research report on Monday, February 12th. HC Wainwright set a $22.00 price objective on Cara Therapeutics and gave the company a “buy” rating in a research report on Friday, May 11th. Laidlaw set a $26.00 price objective on Cara Therapeutics and gave the company a “buy” rating in a research report on Thursday. Stifel Nicolaus lifted their price objective on Cara Therapeutics to $20.00 and gave the company a “buy” rating in a research report on Wednesday. Finally, Seaport Global Securities reiterated a “buy” rating on shares of Cara Therapeutics in a research report on Friday, March 16th. Two analysts have rated the stock with a sell rating, three have issued a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The stock has a consensus rating of “Buy” and a consensus price target of $24.37.

The stock has a market capitalization of $508.81 million, a price-to-earnings ratio of -9.15 and a beta of 2.96.

Cara Therapeutics (NASDAQ:CARA) last released its earnings results on Wednesday, May 9th. The biopharmaceutical company reported ($0.51) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.47) by ($0.04). equities analysts predict that Cara Therapeutics will post -2.16 earnings per share for the current year.

Several hedge funds have recently added to or reduced their stakes in the company. BlackRock Inc. raised its position in shares of Cara Therapeutics by 25.6% during the fourth quarter. BlackRock Inc. now owns 2,207,407 shares of the biopharmaceutical company’s stock worth $27,018,000 after acquiring an additional 449,334 shares during the last quarter. Disciplined Growth Investors Inc. MN raised its position in shares of Cara Therapeutics by 1.4% during the fourth quarter. Disciplined Growth Investors Inc. MN now owns 861,219 shares of the biopharmaceutical company’s stock worth $10,541,000 after acquiring an additional 12,069 shares during the last quarter. Franklin Resources Inc. raised its position in shares of Cara Therapeutics by 3.7% during the fourth quarter. Franklin Resources Inc. now owns 450,500 shares of the biopharmaceutical company’s stock worth $5,514,000 after acquiring an additional 16,000 shares during the last quarter. Nexthera Capital LP bought a new stake in shares of Cara Therapeutics during the first quarter worth $4,346,000. Finally, ETF Managers Group LLC raised its position in shares of Cara Therapeutics by 165.8% during the first quarter. ETF Managers Group LLC now owns 337,486 shares of the biopharmaceutical company’s stock worth $3,992,000 after acquiring an additional 210,534 shares during the last quarter. Institutional investors own 54.43% of the company’s stock.

Cara Therapeutics Company Profile

Cara Therapeutics, Inc, a clinical-stage biopharmaceutical company, focuses on developing and commercializing chemical entities designed to alleviate 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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