H.C. Wainwright analyst Sara Nik reiterated a Buy rating on Cidara Therapeutics today and set a price target of $74.00.
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Sara Nik’s rating is based on several promising developments in Cidara Therapeutics’ CD388 program. The company has received positive feedback from the FDA, which has accelerated the timeline for the Phase 3 study of CD388, allowing it to start six months earlier than initially planned. This advancement positions the study to begin in time for the upcoming flu season in the Northern Hemisphere, with a substantial target enrollment of 6,000 subjects.
Additionally, the FDA has indicated that a single successful trial could suffice for a Biologics License Application (BLA) submission, streamlining the approval process. The study’s patient population has also been expanded to include adults over 65, significantly increasing the potential market size. These factors, combined with the non-vaccine approach of CD388, suggest a strong commercial opportunity, making Cidara Therapeutics a compelling buy recommendation according to Sara Nik.
In another report released today, WBB Securities also maintained a Buy rating on the stock with a $123.00 price target.
Based on the recent corporate insider activity of 9 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of CDTX in relation to earlier this year.