RDI Initiates Coverage on:
Cara Therapeutics Inc.
Cara Therapeutics’ shares declined 2.97 percent to close at $17.01 a share on Monday. The stock traded between $16.76 and $17.90 on volume of 2.02 million shares traded. Cara’s most advanced compound, CR845, is currently undergoing clinical testing for acute pain, chronic pain and uremic pruritus (itch). On March 28th, the company announced positive top-line results from Part A of its Phase 2/3 trial of I.V. CR845 in patients with uremic pruritus (UP). Shares of Cara Therapeutics have gained approximately 83.1 percent year-to-date.
“We are extremely pleased with these results, where I.V. CR845 demonstrated sustained clinical and quality of life benefits in dialysis patients suffering from UP and supports the viability of this therapeutic approach for the long-term treatment of this unmet medical need,” said Derek Chalmers, Ph.D., D.Sc., President and CEO of Cara Therapeutics. “As a next step, we plan to meet with the FDA to finalize the trial design of Part B of this Phase 2/3 study and to initiate patient recruitment later this year.”
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Incyte’s shares dropped 10.49 percent to close at $126.07 a share on Monday. The stock traded between $124.05 and $127.43 on volume of 6.92 million shares traded. The company and Eli Lily announced that the FDA did not approve the New Drug Application (NDA) for baricitinib, a treatment for moderate-to-severe rheumatoid arthritis. The FDA has requested additional clinical data to determine the most appropriate doses. Shares of Incyte have gained approximately 25.73 percent year-to-date.
“We are disappointed with this action. We remain confident in the benefit/risk of baricitinib as a new treatment option for adults with moderate-to-severe RA,” said Christi Shaw, President of Lilly Bio-Medicines. “We will continue to work with the FDA to determine a path forward and ultimately bring baricitinib to patients in the U.S.”
Access RDI’s Incyte Research Report at:
Our Actionable Research on Cara Therapeutics Inc. (NASDAQ: CARA) and Incyte Corporation (NASDAQ: INCY) can be downloaded free of charge at Research Driven Investing.
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