Needham & Company analyst Alan Carr reiterated a Buy rating and boosted his price target on Cara Therapeutics (NASDAQ: CARA) to $27.00 (from $22.00) following positive CR-845 results in Uremic Pruritus.

Carr commented, "Cara announced positive results from its Phase 2 trial of CR-845 in uremic pruritus today. The trial met the primary endpt of change in mean itch intensity from baseline to wk2 (-54% relative to placebo; p=0.016). We believe the effect is clinically meaningful given impact on both QOL secondary assessments (Skindex -71% relative to placebo; p=0.031; Itch MOS -62% relative to placebo; p=0.226). Mgmt plans to meet with FDA in 2H15 to discuss Phase 3 strategy and has suggested that only one Phase 3 trial may be needed. Phase 3 development may start in early 2016, allowing for NDA submission in 2017. We have greater confidence in the UP program and have added it to our model. We reiterate BUY and raise target to $27 (was $22)."

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Shares of Cara Therapeutics closed at $15.84 yesterday.