1 Reason Why Cara Therapeutics Ended June Down 11.3%
Cara Therapeutics (NASDAQ: CARA), a clinical-stage biotech developing treatments for pain and chronic kidney disease-associated pruritus (itching), gave investors an absolutely wild ride last month. After surging higher following positive clinical updates for its lead drug candidate, CR845, in both post-operative pain and pruritis, the company's shares ultimately gave back all of these gains to end the month down by 11.3%, according to S&P Global Market Intelligence.
The cause of this abrupt about-face was the mixed top-line data readout from the phase 2b trial assessing an oral formulation of CR845 in patients with osteoarthritis of the knee or hip near the end of the month.
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Source: Fool.com