Needham downgraded Cara Therapeutics to Hold from Buy without a price target after the company announced the dose-finding portion of the Phase 2/3 KOURAGE trial evaluating oral Korsuva in notalgia parasthetica failed to show efficacy versus placebo. The analyst cites the the termination of the notalgia parasthetica program and no meaningful clinical development programs in the pipeline for the downgrade. The firm points out few details were provided in the press release.
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