Joseph Stringer, an analyst from Needham, maintained the Buy rating on Cidara Therapeutics. The associated price target was raised to $100.00.
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Joseph Stringer has given his Buy rating due to a combination of factors regarding Cidara Therapeutics’ recent developments. The company received positive feedback from an EOP2 meeting with the FDA concerning its CD388 Flu program. This feedback included an agreement that a single Phase 3 trial, in addition to the successful Phase 2b trial, would be sufficient for BLA approval, which was more favorable than investors had expected.
Furthermore, the Phase 3 trial will be expanded to include healthy individuals aged 65 and older, significantly increasing the potential total addressable market. The trial is set to commence this month, aligning with the Northern Hemisphere flu season, thereby accelerating the development timeline by approximately six months compared to previous projections. Consequently, Joseph Stringer has adjusted his models and increased the U.S. peak sales estimate to $2.2 billion, supporting his Buy rating.
Stringer covers the Healthcare sector, focusing on stocks such as Ionis Pharmaceuticals, Alnylam Pharma, and Gilead Sciences. According to TipRanks, Stringer has an average return of 10.9% and a 44.37% success rate on recommended stocks.
In another report released today, Guggenheim also maintained a Buy rating on the stock with a $167.00 price target.