Cara Therapeutics stock slides 22% premarket after resuming trade following halt

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UPDATE: Cara Therapeutics announces positive results in trial of treatment for chronic kidney disease

Cara Therapeutics Inc. announced positive results Tuesday from a mid-stage trial of a treatment of pruritis in patients with chronic kidney disease (CKD), an itchiness associated with the kidney disorder. The company said the phase 2 trial of oral Korsuva met its primary endpoint with a statistically significant reduction in worst itching intensity scores with 1 mg tablet strength versus placebo after 12 weeks of treatment. “CKD-associated pruritus remains a significant unmet need for approximately one-third of diagnosed CKD patients in the U.S.,” Cara Chief Executive Derek Chalmers said in a statement. Abut 30 million Americans suffer from CKD, according to the Centers for Disease Control and Prevention. Cara is planning to hold a conference call at 8.30 a.m. Eastern on Tuesday. Shares fell 23% premarket after resuming trade following a halt for the news, but have gained 99% in 2019, while the S&P 500 has gained 25%.

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