H.C. Wainwright analyst Corey Davis was out pounding the table on Cara Therapeutics Inc (NASDAQ:CARA) Friday, reiterating a Buy rating and price target of $30, which represents a potential upside of 94% from where the stock is currently trading. (To watch Davis’ track record, click here)

Davis wrote, “On the company’s Q2 earnings call yesterday evening, Cara announced that it will be submitting an IND in Q4 for oral 845 in patients with chronic liver disease-associated pruritus, and will also be initiating a Phase 1 trial of oral 845 in CKD pruritus patients who are not yet on dialysis (stages 3-5). Though some on the Street had hoped that Cara may go directly into Phase 2 for the latter indication based on positive data in CKD patients on dialysis, the company indicated that it wants to confirm the safety and appropriate dosing of oral 845 in a quick Phase 1 study prior to proceeding to collecting efficacy data. Given the significantly greater market potential of earlier-stage CKD pruritus patients compared to those on dialysis (an estimated 4 million patients in the US vs. around 200,000 for CKD pruritus on dialysis) we believe Cara’s caution is well worth the wait. The company also remains on track for a Q3 meeting with the FDA to finalize its Phase 3 design for IV 845 in CKD pruritus patients on dialysis, with the pivotal program slated to begin in Q4.”

Out of the 7 analysts polled in the past 3 months, 6 rate Cara stock a Buy, while 1 rates the stock a Hold. With a return potential of 67.5%, the stock’s consensus target price stands at $25.71.