Needham & Company analyst Alan Carr raised the price target on Cara Therapeutics (NASDAQ: CARA) to $35.00 (from $28.00) while maintaining a Buy rating.

Carr commented, "Cara reported today that Korsuva Phase 3 KALM-1 trial met all primary and secondary endpts. Statistically significant and clinically meaningful effects were observed across pruritus (itch) and quality of life assessments. Effect was statistically significant at wk 1 and increased w/ time. Results appear consistent w/ Phase 2 data. There is modest difference in discontinuation rate due to AEs (4.8% Pbo vs. 7.4% Kor), but this was not driven by any particular AE. No imbalance in deaths or SAEs. Mgmt plans to meet w/ FDA to discuss requirements for approval. Korsuva was granted Breakthrough designation and there are no approved drugs for Chronic Kidney Disease Pruritus. We assume FDA will recommend Cara submit NDA after nearly identical KALM-2 trial is completed in 2H19. BUY. Outcome represents important de-risking event. Raise target to $35 from $28."