Canaccord last night downgraded Cara Therapeutics to Hold from Buy with a price target of $1, down from $10. The company announced that oral difelikefalin did not demonstrate meaningful clinical benefit versus placebo at any dose as part of the dose-finding Part A of its KOURAGE Phase 3 study in notalgia paresthetica, the analyst tells investors in a research note. The firm is “somewhat surprised by this clearly negative outcome.” It finds it difficult to predict what the results of any upcoming strategic initiatives might be.
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Read More on CARA:
- Cara Therapeutics Halts Trials for Itch Medication Difelikefalin
- Cara Therapeutics Announces Outcome of Part A of KOURAGE-1 Study Evaluating Oral Difelikefalin in Notalgia Paresthetica
- Cara Therapeutics Reports First Quarter 2024 Financial Results
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