Cara Therapeutics (CARA): Raising PT After Management Meetings - Piper Jaffray
- Techs buoy S&P, Nasdaq; Goldman pushes Dow to record high
- Buy Any Seasonal Market Weakness Ahead of Year End Rally - Oppenheimer (SPY)
- Oil hits 16-month high in buying rush after OPEC agreement
- Consolidated Communications (CNSL) to Acquire FairPoint Communications (FRP) in $1.5B Deal
- Berkshire Hathaway (BRK-A) Book Value Could Be Boosted by $29B from Trump Tax Plan - Analyst
Find out which companies are about to raise their dividend well before the news hits the Street with StreetInsider.com's Dividend Insider Elite. Sign-up for a FREE trial here.
Piper Jaffray analyst, Charles Duncan, reiterated his Overweight rating on shares of Cara Therapeutics (NASDAQ: CARA) and raised his price target to $21 after hosting management for investor meetings.
The analyst sees the potential for significant upside driven by clinical efficacy data from the company’s three lead programs - IV ‘845 in acute pain, IV ‘845 in uremic pruritus, oral ‘845 in OA – within the next 3-6 months. The belief is based on both the time with management and the analyst's ongoing due diligence.
The analyst stated "Cara not only has a differentiated, broadly applicable pipeline in a product for pain and itch, but has thoughtfully designed current studies to maximize signal in what can be noisy indications. After what has been mostly an execution year in 2016, we expect these design choices to pay off with positive top-line results and interim updates in 1H17. In advance of potentially transformational clinical progress for Cara from three near-term shots on the KOR goal".
The new $21 PT jumps from $16 on rolling forward the discount period to YE17 from YE16 for all programs without changing the 25% discount rate.
Shares of Cara Therapeutics closed at $9.32 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- UPDATE: Goldman Sachs Downgrades Marvell (MRVL) to Sell
- Jefferies Raises Price Target on Teleflex (TFX) Ahead of Vascular Solutions (VASC) Acquisition
- Instinet Upgrades McDonald's (MCD) to Buy
Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Analyst PT Change, Management Comments
Related EntitiesPiper Jaffray, Charles Duncan
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!