Cara Therapeutics Inc CARA shares are trading higher by $1.13 (6.4 percent) at $18.82 in Wednesday's session.
The catalyst for the rally is the recent evaluation of its phase 3 trail for Cr845 for postoperative pain. Upon the guidance of the Independent Data Monitoring Committee, trial will continue.
Although the news appeared to be positive, the stock had a lower open but immediately found support right in between its low from Monday ($17.14) and Tuesday ($17.18) and began to move higher. The follow-though rally is finding some resistance in the area of its May 6 high ($18.83) as $18.91 stands as the high for the session as of 11:00 a.m. ET.
If the rally continues, there may additional resistance at the series of highs over the $19.00 level from mid-April.
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