Cara Therapeutics (CARA) Bullish Stance Reiterated at Needham & Company

Needham & Company analyst Alan Carr reiterated a Buy rating and $22 price target on Cara Therapeutics (NASDAQ: CARA) following Q4 results and Phase 3 IV CR845 trial initiations expected by year end.

Cara management hosted a conference call yesterday to review 4Q13 financial results and 2014 corporate goals. As a reminder, Cara completed its IPO in Jan 2014. Management has previously guided for an IV CR845 end-of-Phase 2 meeting with the FDA in mid-2014, followed by initiation of Phase 3 trials in 4Q14. However, because of delays in feedback from the FDA around a planned abuse liability trial, the FDA meeting may not take place until 4Q14. This may push start of the Phase 3 program into early 2015. The oral CR845 program remains on schedule. We are favorably inclined toward the differentiated kappa opioid agonist in postoperative pain and reiterate our BUY rating.

For an analyst ratings summary and ratings history on Cara Therapeutics click here. For more ratings news on Cara Therapeutics click here.

Shares of Cara Therapeutics closed at $17.31 yesterday.

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