- via Bloomberg
- The retreat in the share price shouldn't be too much of a surprise, says H.C. Wainwright's Corey Davis, noting a near-doubling in the month leading up to the test results. The data, he says, is a "clear positive signal" for CR845's "incredibly benign side effect profile." He reiterates his Buy rating and $30 price target.
- Also a bull, Piper Jaffray's Charles Duncan says the results are "clearly supportive" of further study, with a follow-up Phase 2b trial starting maybe as soon as this year. He's Overweight with a $27 price target.
- Janney's Ken Trbovich downgrades to Neutral from Buy. He says the results signal development will take longer and cost more than expected, with the pivotal study now a 2019/2020 event vs. 2018.
- CARA -26% to $18.83
- Previously: Cara Therapeutics oral tablet version of pain candidate CR845 shows mixed results in mid-stage study; shares down 22% after hours (June 29)
- Now read: 3 Things In Biotech You Should Learn Today: June 25, 2017
Original article