Cara Therapeutics Inc CARA shares are trading higher by $2.50 (12 percent) at $22.38 in Friday's session.
The catalyst for the rally is the announcement that the IV CR845 has received Breakthrough Therapy designation for the treatment of chronic kidney disease, associated pruritius in hemodialysis patients.
After a much higher open, Cara's stock continued in that direction but came up just shy of its all-time high from August 2015 ($23.61), only reaching $23.55. Profit-takers have come in and nudged the stock back into the lower $22.00 handle as $22.11 stands as the low for the session.
The stock is one of the best performing biotech stocks in 2017 as it has gained 140 percent from its year-end close of $9.29.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
