CARA stock is down on a failed clinical trial
ByWilliam White, InvestorPlace WriterJun 13, 2024, 8:44 am EDT
- Cara Therapeutics (CARA) stock is falling on a failed clinical trial.
- This has the company considering strategic alternatives.
- That means CARA stock likely won’t be around for much longer.
Cara Therapeutics(NASDAQ:CARA) stock is falling hard on Thursday after the development-stage biopharmaceutical company announced new data from a clinical trial.
This data comes from the company’s Part A KOURAGE-1 study. It’s designed to determine the dosethat will be used for the drug during later parts of the clinical trial. The bad news is that none of the doses tested showed meaningful clinical benefit over placebo.
Cara Therapeutics president and CEO Christopher Posner said the following about these results:
“We are disappointed that oral difelikefalin did not demonstrate a meaningful improvement in pruritus compared to placebo in the KOURAGE-1 Part A study. We will be winding down the Phase 2/3 clinical program in NP and exploring strategic alternatives focused on maximizing shareholder value.”
What This Means for CARA Stock
Cara Therapeutics exploring strategic alternatives is a sign that the company might not be around for much longer. This could result in it going bankrupt or selling some of all of its business to another company.
If any of those options happen, CARA stock likely won’t remain on the public market. That’s a warning to investors following the poor clinical trial update.
CARA stock is down 26.7% as of Thursday morning. That builds on a year-to-date drop of 10.6% when markets closed yesterday.
Investors will want to keep reading for more of the most recent stock market stories today!
We have all of the hottest stock market news traders need to know about on Thursday! That includes all of the latest happenings concerning shares of Assure(NASDAQ:IONM) stock, Longeveron (NASDAQ:LGVN) stock and Dave & Buster’s Entertainment (NASDAQ:PLAY) stock today. All of this news is ready at the links below!
More Stock Market News for Thursday
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to theInvestorPlace.comPublishing Guidelines.
Article printed from InvestorPlace Media, https://investorplace.com/2024/06/why-is-cara-therapeutics-cara-stock-down-27-today/.
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