Cara drops on scrapping of neurological condition study, strategic options plan
** Shares of Cara Therapeutics CARA.O fall 20.03% to 54 cents premarket
** Co late on Wednesday said it will wind down studying its drug for a type of neurological condition after it did not show a meaningful clinical benefit at any dose compared to placebo
** Adds, will explore strategic alternatives
** Co was studying oral difelikefalin in adult patients with notalgia paresthetica, a neurological condition that causes intense itching, in a mid-to-late stage trial
** Brokerage Canaccord Genuity downgrades to hold from buy, cuts PT to $1 from $10
** Says it is difficult to predict what the results of any upcoming strategic initiatives might be
** Up to last close, stock down ~9% YTD
Reporting by Sriparna Roy in Bengaluru
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