Piper Sandler Downgrades Cara Therapeutics to Neutral, Lowers Price Target to $1
Portfolio Pulse from Benzinga Newsdesk
Piper Sandler analyst David Amsellem has downgraded Cara Therapeutics (NASDAQ:CARA) from Overweight to Neutral and significantly reduced the price target from $12 to $1, indicating a bearish outlook on the company's stock.
November 14, 2023 | 10:59 am
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NEGATIVE IMPACT
Cara Therapeutics' stock may face downward pressure after Piper Sandler's downgrade from Overweight to Neutral and a drastic price target reduction from $12 to $1.
Analyst downgrades typically lead to negative investor sentiment and can result in a short-term decline in stock price. The substantial decrease in the price target from $12 to $1 by a reputable analyst suggests a significant change in the company's valuation, which is likely to be taken seriously by the market.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100