Cara Therapeutics (CARA) Bullish Stance Reiterated at Needham & Company Amid Favorable CR-845 Abuse Liability Data

Needham & Company reiterated a Buy rating and $22 price target on Cara Therapeutics (NASDAQ: CARA) following positive results from a Phase 1 abuse-liability trial of CR-845.

Analyst Alan Carr commented, "As a reminder, CR-845 is a kappa-opioid receptor agonist under development for the treatment of post-operative pain. The drug was found to induce a statistically significant and meaningfully smaller 'Drug Liking' effect than comparator pentazocine, a Schedule IV drug. Given the difference, we believe Cara can make a strong case for DEA classification as a Schedule V drug. It is unclear whether the DEA may go so far as to classify CR845 as an unscheduled drug. Other exploratory analyses, including interest in taking the drug again, suggest there may be minimal, if any, difference between CR-845 and placebo overall. From a commercial perspective, there may not be a meaningful difference for CR845 if unscheduled or classified as a Schedule V drug. We reiterate BUY and $22 target."

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 $8.65 yesterday.

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