Cara Therapeutic (NASDAQ:CARA)
Cara Therapeutics News
On Tuesday morning before the market opened, shares of Cara Therapeutics popped over 15% on news that they had received positive trials results back on I.V. CR845 which is used as a treatment for uremic pruritus.
The treatment met primary and secondary endpoints for efficacy and the company is in talks with the Food and Drug Administration to finish the development of Part B of the study. This is great news for the company and its shareholders, but most importantly for the patients that it could potentially benefit.
CARA Technicals
After this news hit the wire, shares popped to pre-market highs of $21.92 after closing Monday at $18.15, marking a 20.7% jump in value overnight. Shares haven’t traded at these prices since back in late 2015.
We will want to watch $22 and and $23.61 as big resistance levels with support at $20 and back down at $18 if it decides to sell off on the news. Shares are up over 200% since November of 2016 and aren’t looking to slow down.
If you’re interested in this stock you may want to wait for a pullback to get in as prices are very extended. It is more expensive then the penny stocks I normally trade but give that it is well above VWAP and major moving averages with a positive catalyst, I will keep it on my radar.
CEO Comments
“We are extremely pleased with these results, where I.V. CR845 demonstrated sustained clinical and quality of life benefits in dialysis patients suffering from UP and supports the viability of this therapeutic approach for the long-term treatment of this unmet medical need,” said Derek Chalmers, Ph.D., D.Sc., President and Chief Executive Officer of Cara Therapeutics. “As a next step, we plan to meet with the FDA to finalize the trial design of Part B of this Phase 2/3 study and to initiate patient recruitment later this year.”
Company Profile
Cara Therapeutics, Inc. is a clinical-stage biopharmaceutical company. The Company is focused on developing and commercializing chemical entities designed to alleviate pain and pruritus by focusing on kappa opioid receptors.
The Company is engaged in developing product candidates that focus on the body’s peripheral nervous system. Its product candidate pipeline includes I.V. CR845 for acute pain; I.V. CR845 for uremic pruritus; Oral CR845, and CR701. The Company’s I.V. CR845 is an injectable version of peripheral kappa opioid receptor agonist, which is intended for the treatment of acute pain in an acute care setting.
The Company is developing an oral version of CR845 for the treatment of moderate-to-severe acute and chronic pain. The Company’s CR701 is a peripherally-restricted, mixed-CB1/CB2 receptor agonist that interacts with cannabinoid receptor subtypes, with no off-target activities. CR701 is in preclinical-stage of development.