Cidara Therapeutics (CDTX) PT Raised to $25 at Needham

Needham analyst Joseph Stringer raised the price target on Cidara Therapeutics (NASDAQ: CDTX) to $25.00 (from $3.00) while maintaining a Buy rating.

The analyst commented: "After market close yesterday, CDTX announced important corporate updates, including 1) the complete divestiture of the rezafungin program to Mundipharma, 2) the re-acquisition of the Ph2b-ready Flu program from JNJ (N/R), and 3) a $240M PIPE financing, which will cover the cost of the Ph2b. We think the corporate update is important and a big positive for CDTX shares as 1) it cleans up / focuses the story on the Cloudbreak platform (w/ the CD388 Flu as the lead asset), which we think will broaden the investor base, 2) CDTX now has full rights to the Flu program, which we view as a high-value asset w/ significant upside. Separately, CDTX completed a 1:20 reverse stock split on 4/23/24. We reiterate our Buy rating and are adjusting our PT to $25 (was $3) to reflect these changes."

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