Shares of Cara Therapeutics (NASDAQ: CARA) plunged by more than 25% in pre-market trading on Tuesday after the commercial-stage biopharmaceutical company posted disappointing Q4 results. The company reported a loss of $0.56 per share which narrowed from a loss of $0.63 in the same period last year. However, this loss was still wider than analysts’ expectations of a loss of $0.34 per share.
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The company reported Q4 revenues of $3.3 million versus $0.8 million in the same period last year but which still fell short of consensus estimates of $19.2 million.
Looking forward, CARA expects that its “current unrestricted cash and cash equivalents and available-for-sale marketable securities, including collaborative revenue from our share of the profit from KORSUVA injection, will be sufficient to fund our currently anticipated operating plan into at least the first half of 2024.”
However, analysts remain bullish on CARA stock with a Strong Buy consensus rating based on three Buys.