In a recently released analyst research report, H.C. Wainwright Managing Director of Equity Research and Senior Healthcare Analyst Oren G. Livnat, CFA reiterated their buy rating on shares of pharmaceutical biotechnology company Cara Therapeutics, Inc. (NASDAQ:CARA) with a lowered price target that still suggests some noteworthy upside to come.
This update to analyst guidance comes just a few weeks after the company announced that it has floated a secondary stock issue. Five million shares are to be sold in the offering, and it will also grant the underwriters a 30-day over-allotment option to purchase additional stock, up to 750,000 in total.
Lowered from $31.00 USD per share, Oren Livnat’s new updated CARA stock price target of $30.00 USD per share implies a potential upside of approximately 30.43% based on the last traded price of $23.00 USD per share on the NASDAQ.
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