UPDATE: JPMorgan Upgrades Cara Therapeutics (CARA) to Overweight

JPMorgan analyst Jessica Fye upgraded Cara Therapeutics (NASDAQ: CARA) from Neutral to Overweight with a price target of $20.00 (from $17.00).

The analyst comments "We see an attractive opportunity for Korsuva injection in CKD-aP: Hemodialysis given the unmet need for an approved treatment in the US and EU market. Beyond this, we also see potential for oral Korsuva to expand into additional indications with substantially larger commercial opportunities, including a topic dermatitis. In the meantime, we see little credit in the stock for near-term readouts from the phase II studies evaluating oral Korsuva and accounting for the pullback in shares and a relatively strong balance sheet (runway through 2023 without considering revenue from Korsuva injection or milestones), we are upgrading our rating to Overweight."

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 $10.55 yesterday.

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