Cara Therapeutics tried to misdirect investors away from the failure of its osteoarthritis pain pill by burying negative results from a mid-stage clinical trial in the middle of a press release issued Thursday night. The ploy didn’t work. Cara shares plunged, with the stock trading down 30 percent to $17.99 this morning.
The lesson here: Read those clinical trial press releases slowly and carefully! Don’t get bamboozled.