Published on 4 Nov 2023 on Simply Wall St. via Yahoo Finance
News Flash: Analysts Just Made A Substantial Upgrade To Their Cara Therapeutics, Inc. (NASDAQ:CARA)...
Cara Therapeutics, Inc. (NASDAQ:CARA) shareholders will have a reason to smile today, with the analysts making substantial upgrades to this year's statutory forecasts. The analysts have sharply increased their revenue numbers, with a view that Cara Therapeutics will make substantially more sales than they'd previously expected. Investors have been pretty optimistic on Cara Therapeutics too, with the stock up 27% to US$1.35 over the past week. It will be interesting to see if today's upgrade is enough to propel the stock even higher.
Following the upgrade, the current consensus from Cara Therapeutics' seven analysts is for revenues of US$45m in 2023 which - if met - would reflect a substantial 66% increase on its sales over the past 12 months. Prior to the latest estimates, the analysts were forecasting revenues of US$38m in 2023. The consensus has definitely become more optimistic, showing a substantial gain in revenue forecasts.
Check out our latest analysis for Cara Therapeutics