Cara Therapeutics hits all-time low after ending skin disease therapy trial

Tvardi Therapeutics

18/12/2023 17:31

** Shares of Cara Therapeutics  CARA.O  fall as much as
53.7% to an all-time low of $0.57     
    ** Co says it will discontinue study of its experimental
adjunct treatment for a type of itchy skin inflammation disease
in patients on steroids did not demonstrate a meaningful
clinical benefit compared to steroids alone in a late-stage
trial
    ** Atopic dermatitis or eczema causes itchy, dry and
inflamed skin
    ** Late-stage studies of the therapy for a neurological
condition that causes itching below the shoulder blade and
itching related to an advanced chronic kidney disease continue
to enroll on track with data readouts expected in H2 2024 - CARA
    ** Brokerage Needham lowers its PT on CARA to $6 from $22
    ** CARA expects to end 2023 with about $100 mln in cash 
    ** 6 of 7 brokerages rate the stock "buy" or higher, 1
"hold"; their median PT is $7
    ** Including session's loss, stock down 94% YTD

 (Reporting by Puyaan Singh)
 ((Puyaan.Singh@thomsonreuters.com;))