Cara Therapeutics Inc. (NASDAQ:CARA) stock reached a 52-week high this trading session, touching the $4.26 mark. According to InvestingPro data, this represents a significant move from its 52-week low of $2.71, though still well below the period high of $13.80. This peak comes amidst a challenging year for the biopharmaceutical company, which has seen its shares tumble over the past year, with a 1-year change showing a significant decline of 52.22%. With a market capitalization of just $19.47 million and revenue declining by 59% year-over-year, investors are closely monitoring Cara Therapeutics as it navigates through the volatile biotech sector. InvestingPro subscribers have access to 13 additional key insights about CARA's financial health and growth prospects, including detailed analyst forecasts and valuation metrics. The 52-week high serves as a notable point in the company's recent stock performance, reflecting moments of investor confidence despite the overall downward trend. Analysts maintain price targets between $12.00 and $12.24, suggesting potential upside from current levels.
In other recent news, Cara Therapeutics has implemented a 1-for-12 reverse stock split, reducing its issued and outstanding shares from approximately 54.9 million to around 4.6 million. This move was approved by the company's board of directors and is set to affect all shareholders uniformly. Concurrently, Cara Therapeutics and Tvardi Therapeutics, a privately-held biopharmaceutical company, have announced a definitive merger agreement. The all-stock transaction will result in a combined entity named Tvardi Therapeutics, Inc., focusing on the development of treatments for fibrosis-driven diseases. The merged entity will be composed of approximately 17% pre-merger Cara stockholders and about 83% pre-merger Tvardi investors. In line with this merger, Cara has agreed to an asset purchase agreement with Vifor Fresenius Medical Care (NYSE:FMS) Renal Pharma, Ltd., selling certain assets and rights related to Korsuva®/Kapruvia®. These are recent developments in the company's operations.
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