Canaccord last night downgraded Cara Therapeutics to Hold from Buy with a price target of $1, down from $10. The company announced that oral difelikefalin did not demonstrate meaningful clinical benefit versus placebo at any dose as part of the dose-finding Part A of its KOURAGE Phase 3 study in notalgia paresthetica, the analyst tells investors in a research note. The firm is “somewhat surprised by this clearly negative outcome.” It finds it difficult to predict what the results of any upcoming strategic initiatives might be.
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