Needham & Co.'s Alan Carr just issued a 'buy' rating on shares of Cara Therapeutics Inc. (NASDAQ:CARA) alongside a price target of $23 per share. With an analyst average price target of $25 per share, Carr's price target is on the low side of the 5 analysts we track that cover CARA.

With a last trade price of $12.37 for shares of CARA on the Nasdaq, this price target represents over 85% potential upside. Alan Carr wrote "Cara announced this morning that the company has completed an End of Phase 2 mtg with FDA around CR845 in Pruritus associated with Chronic Kidney Disease. We spoke w/ mgmt for an update. Cara plans to initiate one Phase 3 trial of IV CR845 in the U.S. in 4Q17, followed by a second Phase 3 trial in Europe in early 2018. Details on size and design are expected during 3Q17 conference call in a few wks. Although mgmt not providing guidance on timing to top-line results, we believe NDA submission YE19 and launch YE20 still appears feasible.”

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