Cara Therapeutics (CARA): Notes From Management Meeting - Piper Jaffray
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Piper Jaffray analyst, Charles Duncan, reiterated his Overweight rating on shares of Cara Therapeutics (NASDAQ: CARA) after meeting with management and returning encouraged by the growing clinical momentum of its novel pain and pruritus platform. Good enrollment progress on the Phase III 3001 in acute pain and Phase II/III in uremic pruritus addresses investor concerns and points to meaningful interims for both trials in the next 6-9 months.
On the lead 3001 program, the analyst expects IV’845 to demonstrate favorable safety, including CNS side effects, as well as therapeutic activity in terms of pain control and reduction in opioid use at the go-forward doses. These results would support our views on the differentiated clinical profile of IV’845 vs approved options for post-op pain, and potentially trigger initiation of a second Phase III.
The next key catalysts for the company are data-driven clinical progress from both the IV and oral ‘845 programs during 1H17. No change to the price target of $16.
Shares of Cara Therapeutics closed at $7.51 yesterday.
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