In a recently released analyst research report, Jefferies‘s Biotechnology Equity Research Analyst, Chris Howerton, Ph.D, just initiated coverage on shares of biotechnology innovator Cara Therapeutics, Inc. (NASDAQ:CARA) with a Buy rating and a 12-month price target that suggests some major potential upside.
While Cara Therapeutics has a handful of pipeline drugs focused on the body’s endocannabinoid system, Howerton’s bullishness is due to one of the company’s opioid-related drugs.
Chris Howerton’s initial price target of $22.00 USD per share implies a potential of approximately 41.20% based on the last traded price of $15.58 USD on the NASDAQ. Trading flat in the pre-market, we’ll be watching to see how CARA bulls respond.
According to TheFly, “The analyst is optimistic on Korsuva, the company’s “peripherally restricted, highly selective, and potent” kappa opioid receptor agonist that is being developed for pruritic indications.”
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