Cara Therapeutics downgraded to Neutral from Buy at H.C. Wainwright

H.C. Wainwright downgraded Cara Therapeutics to Neutral from Buy without a price target. The company’s last clinical shot on goal for oral difelikefalin failed to demonstrate meaningful clinical benefit versus placebo in the KOURAGE-1 Part A dose-finding portion of the Phase 2/3 program, the analyst tells investors in a research note. The fir says this “particularly disappointing” as the earlier Phase 2 proof-of-concept data in notalgia aesthetical “was the most robust data generated” by oral difelikefalin to date. It says “no obvious value drivers from here” drives the downgrade.