AMGN - Cara extends gains with positive views from analysts on approval for pruritus drug

Cara Therapeutics (NASDAQ:CARA) continues to outperform in the pre-market with a gain of ~23.3% after the company and its Swiss partner Vifor Pharma (OTCPK:GNHAY) secured the FDA approval for KORSUVA (difelikefalin) as a treatment for moderate-to-severe itching in adults with chronic kidney disease undergoing hemodialysis. With KORSUVA injection becoming the first U.S-approved therapy for the indication, the analysts have issued positive views on the company. Piper Sandler analyst David Amsellem notes that the opportunity for KORSUVA is not yet reflected in company shares. The firm has an overweight rating on the stock, and the price target of $30 implies a premium of ~110.1% to the last close. The FDA decision has removed a regulatory barrier for Cara (CARA), Cantor Fitzgerald argues with an overweight rating. The approval cut the commercial risk for the company, the analyst Charles Duncan added, expecting the drug to be a significant transformation to the present standard of care.

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Cara extends gains with positive views from analysts on approval for pruritus drug