Needham & Company Reiterates Buy on Cidara Therapeutics (CDTX) Following 2Q Report

August 15, 2016 8:19 AM EDT
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Price: $9.40 --0%

Rating Summary:
    7 Buy, 0 Hold, 0 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 7 | Down: 8 | New: 1
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Needham & Company reiterated a Buy rating and $20.00 price target on Cidara Therapeutics (NASDAQ: CDTX) following the release of company's 2Q16 financial results and management updates. The Phase 2 non-inferiority STRIVE trial of IV CD101 in Candidemia (NCT02734862) is expected to enroll 90 patients, randomized 1:1:1 to standard of care or one of two CD101 dose regimens Cidara also plans to select at least one Cloudbreak immunotherapy candidate for development later this year.

Analyst Alan Carr commented, "Cidara released 2Q16 financial results last night and we spoke with management for an update. The company announced initiation of a Phase 2 trial of topical CD101 in Acute Vulvovaginal Candidiasis in Jun 2016 (RADIANT). This trial is enrolling well and the company has guided for top-line results in early 2017 (was mid-2017). As a reminder, Cidara also began recruiting patients for the Phase 2 STRIVE trial in Candidemia in May 2016. Top-line results from this trial are expected in 2H17 (unch). Management also reiterated plans for selection of a Cloudbreak program candidate by YE16. Although we note limited news flow until next year, we believe the stock is undervalued ($75M EV). We reiterate BUY."

For an analyst ratings summary and ratings history on Cidara Therapeutics click here. For more ratings news on Cidara Therapeutics click here.

Shares of Cidara Therapeutics closed at $11.87 yesterday.

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