Why Is Cara Therapeutics Stock Trading Higher Today?

Cara Therapeutics Inc CARA is trading higher Tuesday after the company, and Vifor Pharma, announced the U.S. Food and Drug Administration approved KORSUVA for injection for the treatment of moderate-to-severe pruritus associated with chronic kidney disease in adults undergoing hemodialysis.

KORSUVA injection is a kappa opioid receptor agonist that targets the body’s peripheral nervous system.

Cara Therapeutics and Vifor Pharma agreed to an exclusive license to commercialize KORSUVA in the U.S. The companies expect the promotional launch of KORSUVA to take place in the first quarter of 2022.

“The FDA approval of KORSUVA injection is a transformational milestone for Cara and a significant advancement for the substantial number of adult hemodialysis patients suffering from moderate-to-severe pruritus,” said Derek Chalmers, president and CEO of Cara Therapeutics.

Price Action: Cara Therapeutics has traded as high as $29.64 and as low as $11.22 over a 52-week period.

The stock was up 3.5% at $14.78 at last check Tuesday.

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Posted In: NewsSmall CapFDADerek Chalmerswhy it's moving
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