BTIG Expects More Visibility for Cidara Therapeutics' (CDTX) CD101 Soon; Affirms at 'Buy'

August 15, 2016 11:48 AM EDT
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Price: $9.45 --0%

Rating Summary:
    7 Buy, 0 Hold, 0 Sell

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    Up: 8 | Down: 10 | New: 7
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BTIG affirms Cidara Therapeutics, Inc. (Nasdaq: CDTX) at Buy with a price target of $24 following recent quarterly results and CD101 update.

Analyst Timothy Chiang commented, We expect more visibility on the Co.’s novel echinocandin (antifungal) product candidate, CD101, by early 2017 when results from its Phase 2 trial (RADIANT) studying its topical formulation in acute vulvovaginal candidiasis (yeast infections) are expected to be released. In addition, the Co. is enrolling patients with its IV formulation in candidemia in a separate Phase 2 trial (STRIVE), which is expected to read out in 2H17. We remain positive on CDTX shares and believe the Co.’s seasoned management team, led by CEO Jeffrey Stein, is on track to deliver meaningful clinical data in 2017 to support its lead product candidate (CD101). For CY16 and CY17, we forecast losses per share of ($3.41) and ($3.23), respectively. With ~$87M of cash on the balance sheet as of the end of 2Q, we think the Co. has ample cash to fund its development plans for the next 9-12 months.

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