Cara Therapeutics announced results of the dose-ranging Phase 2b study of oral Korsuva for chronic kidney disease associated pruritus in stage III-V patients. While the highest dose hit the primary endpoint, the key secondary improvement responder rate, which is likely the FDA required approval hurdle, did not hit statistical significance at week 12, resulting in material stock weakness, H.C. Wainwright analyst Oren Livnat tells investors in a research note. The analyst believes the "miss belies likely confirmation of drug effect." He views today's stock weakness as overdone and reiterates a Buy rating on Cara with a $30 price target.