Cara Therapeutics Inc (NASDAQ: CARA) is having an incredibly strong start to the trading session this morning, and for good reason. The company released clinical results, exciting investors and sending the stock screaming for the top. Today, we’ll talk about:
- The clinical data;
- what we’re seeing from CARA stock as a result; and
- what we’ll be watching for ahead.
CARA Gains Big On Clinical Data
As mentioned above, Cara Therapeutics is having a great start to the trading session this morning after announcing clinical data. The data came by way of press release early in the pre-market hours.
In the release, the company provided data from the KALM-1 pivotal Phase 3 clinical trial of KORSUVA Injections in hemodialysis patients with moderate-to-severe chronic kidney disease-associated pruritus (CKD-aP).
In the release, CARA said that not only did the treatment reach its primary endpoint, it proved to maintain a positive safety and tolerability profile. In a statement, Derek Chalmers, Ph.D., D.Sc., President and CEO at CARA, had the following to offer:
We are extremely pleased with the robust topline results from our first pivotal Phase 3 trial of KORSUVA Injection and are particularly encouraged by the early anti-pruritic response with KORSUVA Injection, which resulted in statistically significant separation from placebo after only one week of treatment and a sustained significant benefit through 12 weeks.
We look forward to reporting topline data from our second global Phase 3 trial, KALM-2, in the second half of this year and, assuming positive results, moving towards an NDA submission as quickly as possible thereafter.
The above statement was followed up by Steven Fishbane, M.D., Chief of the Division of Kidney Disease and Hypertension at Northwell Health, Professor of Medicine at Hofstra/Northwell and lead clinical investigator in the KALM-1 trial. Here’s what he had to say:
Itching is a significant problem for many of our hemodialysis patients and there is an unmet need for an effective treatment. I am impressed by the clinically meaningful efficacy demonstrated in this study.
Relative to the favorable safety data, these results suggest that, if approved, this can be an important drug that could help many of our patients.
What We’re Seeing From The Stock
One of the first lessons that we learn when we start to work in the market is that the news leads to moves. When it comes to Cara Therapeutics, the news proved to be incredibly positive.
After all, the primary endpoint being met, combined with a strong safety and tolerability profile means that the company will likely be submitting regulatory applications relatively soon. So, it’s not surprising to see that excited investors are sending the stock screaming for the top.
As is just about always the case, our partners at Trade Ideas were the first to alert us to the gains. Currently (9:10), CARA is trading at $21.20 per share after a gain of $3.22 per share or 17.91% thus far today.
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What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will continue to keep a close eye on CARA. In particular, we’re interested in following the story surrounding the compay’s continued work to bring KORSUVA injections to market. Nonetheless, we’ll keep a close eye on the story and bring the news to you as it breaks!
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