Cara drops on scrapping of neurological condition study, strategic options plan

Tvardi Therapeutics

13/06/2024 11:57

** Shares of Cara Therapeutics  CARA.O  fall 20.03% to 54
cents premarket
    ** Co late on Wednesday said it will wind down studying its
drug for a type of neurological condition after it did not show
a meaningful clinical benefit at any dose compared to placebo
    ** Adds, will explore strategic alternatives
    ** Co was studying oral difelikefalin in adult patients with
notalgia paresthetica, a neurological condition that causes
intense itching, in a mid-to-late stage trial
     ** Brokerage Canaccord Genuity downgrades to hold from buy,
cuts PT to $1 from $10
    ** Says it is difficult to predict what the results of any
upcoming strategic initiatives might be
    ** Up to last close, stock down ~9% YTD

 (Reporting by Sriparna Roy in Bengaluru)
 ((Sriparna.Roy@thomsonreuters.com;))