5 Medical Marijuana Stocks to Buy Now

4. Cara Therapeutics, Inc. (NASDAQ:CARA)

Number Of Hedge Fund Holders: 13

Cara Therapeutics is a biotechnology company focused on developing therapeutics to treat diseases associated with pain and inflammation. On June 30, the company announced positive topline results from its Phase 2 proof-of-concept clinical trials evaluating its oral medication, difelikefalin, for the treatment of moderate-to-severe pruritus in patients with notalgia paresthetica, a nerve disorder characterized by chronic pruritus of the upper to middle back.

Here is what the company’s Chief Medical Officer, Joana Goncalves, had to say:

“We are pleased to have demonstrated clinical proof of concept for oral difelikefalin in the treatment of pruritus associated with notalgia paresthetica. These topline results coupled with the results from our other programs support the broad development of oral difelikefalin across disease areas regardless of the underlying cause of pruritus. We look forward to completing our data analyses and discussing next steps with the U.S. Food and Drug Administration.”

Earlier this May, H.C. Wainwright analyst Oren Livnat “strongly” reiterated a Buy rating on Cara Therapeutics, Inc. (NASDAQ:CARA) with a $30 price target on its shares. The analyst, who believes the profitability of IV Korsuva and Cara’s profit-split revenue will “positively surprise investors,” noted that he looks forward to the Q2 results to get the first look at net IV Korsuva sales.

At the end of the first quarter of 2022, 13 hedge funds in the database of Insider Monkey held stakes worth $75.8 million in Cara Therapeutics, Inc. (NASDAQ:CARA), compared to 15 in the preceding quarter. Out of the hedge funds being tracked by Insider Monkey, Thomas Steyer’s Farallon Capital is a leading shareholder in Cara Therapeutics, Inc. (NASDAQ:CARA), with 2.5 million shares worth more than 30.37 million.