Cara Therapeutics (NASDAQ:CARA) Share Price Passes Above 50-Day Moving Average – Here’s Why

Cara Therapeutics, Inc. (NASDAQ:CARA)’s stock price passed above its 50-day moving average during trading on Tuesday . The stock has a 50-day moving average of $4.02 and traded as high as $5.22. Cara Therapeutics shares last traded at $4.88, with a volume of 89,476 shares changing hands.

Wall Street Analyst Weigh In

Separately, StockNews.com initiated coverage on Cara Therapeutics in a research report on Wednesday. They set a “sell” rating for the company. One research analyst has rated the stock with a sell rating and five have given a hold rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $27.84.

Cara Therapeutics Price Performance

The business’s 50-day moving average price is $4.02 and its two-hundred day moving average price is $3.83. The firm has a market cap of $22.30 million, a price-to-earnings ratio of -2.79 and a beta of 0.51.

Hedge Funds Weigh In On Cara Therapeutics

A number of institutional investors have recently modified their holdings of CARA. Disciplined Growth Investors Inc. MN raised its position in shares of Cara Therapeutics by 6.6% in the second quarter. Disciplined Growth Investors Inc. MN now owns 1,935,718 shares of the biopharmaceutical company’s stock valued at $499,000 after buying an additional 120,660 shares during the last quarter. FMR LLC increased its position in Cara Therapeutics by 18.5% during the third quarter. FMR LLC now owns 210,312 shares of the biopharmaceutical company’s stock worth $65,000 after purchasing an additional 32,789 shares during the last quarter. Finally, XTX Topco Ltd acquired a new position in Cara Therapeutics during the third quarter worth approximately $29,000. Institutional investors and hedge funds own 44.66% of the company’s stock.

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.