Cidara Therapeutics price target raised to $173 from $153 at Citizens JMP

Citizens JMP raised the firm’s price target on Cidara Therapeutics (CDTX) to $173 from $153 and keeps an Outperform rating on the shares. Cidara announced that it has entered into a contract with BARDA for an initial $58M over two years to support clinical and non-clinical advancement of CD388, with additional options worth up to $281M, bringing the total potential value to $339M, the analyst tells investors in a research note. The funding supports the broadest potential market opportunity and important initiatives, such as getting to a single-vial, single-injection profile, the firm says.