Shares of Cara Therapeutics Inc ( CARA ) tanked in early trading on Thursday, with the Dow shedding more than 100 points.

The company reported its quarterly results amid an exciting earnings season. Here are some key analyst takeaways.

Needham analyst Joseph Stringer downgraded the rating on the stock from Buy to Hold.

HC Wainwright analyst Oren Livnat downgraded the rating on the stock from Buy to Neutral.

Check out other analyst stock ratings.

Needham: Cara Therapeuticssaidafter market close on Wednesday that "the dose-finding Part A portion of the Ph2/3 KOURAGE trial evaluating oral Korsuva (difelikefalin) in Notalgia Parasthetica (NP) failed to show efficacy vs. pbo," Stringer said in his downgrade note. He added that there was reportedly no evidence of any dose level showing meaningful clinical benefit versus placebo.

The company plans to halt all NP program development and explore strategic alternatives, the analyst stated. There are no meaningful clinical development programs in the pipeline, he further said.

HC Wainwright: Although this was not the first clinical disappointment for oral difelikefalin, "it's particularly disappointing given earlier Phase 2 proof-of-concept data in NP was the most robust data generated by oral DFK to date," Livnat said. Following the failure of oral DFK and the company's plans to wind down or discontinue all related programs, "we see no obvious future value drivers or catalysts," he added.

"Our projected end-2Q24 cash of $60M (no debt), with burn presumably winding down, and a market cap