Citizens JMP Reiterates Market Outperform Rating on Cidara Therapeutics (CDTX)

Citizens JMP analyst Roy Buchanan reiterated a Market Outperform rating and $47.00 price target on Cidara Therapeutics (NASDAQ: CDTX).

The analyst commented, “We remain confident in a positive outcome for the trial in approximately one month, and to this highly differentiated option making a difference for flu prevention; we reiterate our Market Outperform rating and risk-adjusted, DCF-derived $47 price target on Cidara Therapeutics. Last week, Cidara hosted an R&D day to discuss the revised statistical plan for the NAVIGATE Phase 2b trial of its novel, non-vaccine, drug-Fc-conjugate CD388 for prevention of influenza, with the database locked and trial readout expected in roughly one month's time. Management reviewed plans for the Phase 3, including timelines, and for commercialization in high-risk populations. The two KOLs were enthusiastic for the differentiated profile of CD388 — high potency across strains that is expected to be maintained for the entire flu season, a high barrier to resistance, and the ability for CD388 to be manufactured rapidly.”

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 $24.28 yesterday.

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