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

Cara Therapeutics, Inc. (NASDAQ:CARA) was the recipient of a large decline in short interest in May. As of May 31st, there was short interest totalling 2,300,000 shares, a decline of 5.7% from the May 15th total of 2,440,000 shares. Based on an average daily volume of 384,500 shares, the short-interest ratio is presently 6.0 days. Approximately 5.1% of the company’s shares are sold short.

Analyst Ratings Changes

CARA has been the subject of several recent analyst reports. StockNews.com cut Cara Therapeutics from a “hold” rating to a “sell” rating in a research report on Wednesday, March 6th. Stifel Nicolaus cut Cara Therapeutics from a “buy” rating to a “hold” rating and lowered their target price for the company from $6.00 to $1.00 in a research note on Thursday, June 13th. Canaccord Genuity Group reiterated a “hold” rating and issued a $1.00 target price (down previously from $10.00) on shares of Cara Therapeutics in a report on Thursday, June 13th. Needham & Company LLC cut shares of Cara Therapeutics from a “buy” rating to a “hold” rating in a report on Thursday, June 13th. Finally, HC Wainwright lowered shares of Cara Therapeutics from a “buy” rating to a “neutral” rating in a research note on Thursday, June 13th. One research analyst has rated the stock with a sell rating and six have issued a hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $3.93.

Cara Therapeutics Stock Performance

Shares of CARA opened at $0.25 on Tuesday. The firm has a market cap of $13.92 million, a PE ratio of -0.11 and a beta of 0.79. The firm’s 50 day moving average price is $0.70 and its 200 day moving average price is $0.75. Cara Therapeutics has a twelve month low of $0.24 and a twelve month high of $4.45.

Cara Therapeutics (NASDAQ:CARA) last released its quarterly earnings results on Monday, May 13th. The biopharmaceutical company reported ($0.56) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.38) by ($0.18). Cara Therapeutics had a negative net margin of 723.49% and a negative return on equity of 174.15%. The business had revenue of $2.14 million for the quarter, compared to the consensus estimate of $2.25 million. On average, sell-side analysts anticipate that Cara Therapeutics will post -1.28 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Cara Therapeutics

Institutional investors have recently bought and sold shares of the stock. Mackenzie Financial Corp increased its holdings in shares of Cara Therapeutics by 71.2% during the 4th quarter. Mackenzie Financial Corp now owns 53,678 shares of the biopharmaceutical company’s stock valued at $40,000 after acquiring an additional 22,329 shares during the last quarter. Algert Global LLC bought a new position in shares of Cara Therapeutics in the third quarter valued at approximately $99,000. Marquette Asset Management LLC bought a new position in shares of Cara Therapeutics in the first quarter valued at approximately $86,000. Assenagon Asset Management S.A. lifted its stake in shares of Cara Therapeutics by 155.8% in the fourth quarter. Assenagon Asset Management S.A. now owns 167,838 shares of the biopharmaceutical company’s stock worth $125,000 after buying an additional 102,230 shares during the last quarter. Finally, Acadian Asset Management LLC bought a new stake in shares of Cara Therapeutics during the 3rd quarter worth $383,000. 44.66% of the stock is currently owned by institutional investors.

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.