Needham analyst Alan Carr raised his price target for Cara Therapeutics to $35 from $28 after the company reported that the Korsuva Phase 3 KALM-1 trial met all primary and secondary endpoints. Statistically significant and clinically meaningful effects were observed across pruritus and quality of life assessments, Carr tells investors in a research note. The analyst assumes the FDA will recommend Cara submit a new drug application after the "nearly identical" KALM-2 trial is completed in the second half of 2019. He keeps a Buy rating on the shares.