Janney's Ken Trbovich said Wednesday he expects "significant volatility" in Cara Therapeutics as investors await the Phase 2 osteoarthritis data. Highlighting the stock's all-time highs on the back of the biotech rally and Friday's announcement of "breakthrough therapy" designation, the analyst nevertheless says positive osteoarthritis data can "easily justify" a move into the $31-$36 range, though he warns that negative results could take the stock to $10-$15.
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