Needham & Company Reiterates Buy Rating, $6 Price Target on Cidara Therapeutics (CDTX)

Needham & Company analyst Joseph Stringer reiterated a Buy rating and $6.00 price target on Cidara Therapeutics (NASDAQ: CDTX), following the company's R&D event.

The analyst comments: "CDTX hosted an R&D Day yesterday. The biggest takeaway was the announcement that the company plans to out-license lead asset rezafungin (NDA submission for Invasive Fungal Infections planned mid-2022) and focus the majority of its future efforts on the preclinical Oncology programs from its Cloudbreak-DFC platform. The decision to out-license rezafungin was based on 1) inbound interest in rezafungin, 2) recent promising preclinical Cloudbreak progress, and 3) the relatively unattractive value proposition associated with commercializing the drug on its own. Cloudbreak-DFC is CDTX's novel approach that combines the best characteristics of small molecule and antibody therapies. CDTX has Cloudbreak-DFC preclinical programs across RSV, HIV, SARS-2, and Oncology. New preclinical data from the Oncology programs were presented yesterday. Additional details from the event are outlined in the note."

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 $0.60 yesterday.

By Vlad Schepkov

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