STAMFORD, Conn. (AP) _ Cara Therapeutics Inc. (CARA) on Wednesday reported a loss of $23 million in its second quarter.
On a per-share basis, the Stamford, Connecticut-based company said it had a loss of 58 cents.
The results surpassed Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for a loss of 61 cents per share.
The biotechnology company posted revenue of $5.2 million in the period, also beating Street forecasts. Four analysts surveyed by Zacks expected $5.1 million.
Cara shares have risen 74% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $22.63, a climb of 26% in the last 12 months.