Cidara Therapeutics (CDTX) PT Raised to $36 at Needham

Needham analyst Joseph Stringer raised the price target on Cidara Therapeutics (NASDAQ: CDTX) to $36.00 (from $35.00) while maintaining a Buy rating.

The analyst commented: "We preview our expectations for CDTX's CD388 Ph2b Flu trial, which is expected to read out topline data in late June. We think the readout will be a significant event for the stock, and we are bullish on CDTX heading into the readout based on the Ph2a clinical data and the recently updated Ph2b statistical analysis plan. In our most likely scenario, we assign 40% POS and believe a statistically significant risk reduction in the 45-55% range would provide +45% upside to current levels or CDTX shares re-rating in the $31-36 range. We make minor model adjustments and raise our PT to $36 (was $35)."

You May Also Be Interested In

• Fiserv (FISV) PT Lowered to $60 at Freedom Broker
• Freedom Broker Upgrades Serve Robotics (SERV) to Buy
• Jefferies on Five Below (FIVE): 'Our latest channel checks reinforce our view that FIVE's momentum extends well beyond viral Squish trends'