JFrog stock rises as Cantor Fitzgerald maintains Overweight rating after strong Q2
On Monday, H.C. Wainwright analyst Ed Arce increased the price target on Cidara Therapeutics (NASDAQ:CDTX) shares to $35 from the previous $24, while retaining a Buy rating on the stock. The stock, currently trading at $23.66, has shown remarkable strength with a 71.2% return over the past year. According to InvestingPro data, analyst consensus remains bullish with price targets ranging from $24 to $35. The adjustment follows Cidara’s announcement on Sunday, March 6, regarding an anticipated early top-line analysis of the Phase 2b NAVIGATE study for its lead Cloudbreak drug-Fc conjugate (DFC) program, CD388, aimed at preventing influenza.
Cidara’s NAVIGATE study, which achieved full enrollment in December 2024 with at least 5,000 participants, is a double-blind, randomized, placebo-controlled trial. It is designed to evaluate single doses of CD388 against a placebo at the onset of the influenza season, monitoring participants throughout the season for breakthrough influenza occurrences. The study’s primary goal is to compare the rates of laboratory-confirmed clinical influenza between CD388 and placebo during the 2024-25 influenza season in the Northern Hemisphere.
Participants in the NAVIGATE study are divided into three different CD388 dose groups (150, 300, and 450 mg) and a placebo group, with an equal ratio across all groups. The trial includes around 4,000 individuals in the U.S. and 1,000 in the UK, focusing on generally healthy adults and excluding those at high risk of influenza complications or those who have received a seasonal influenza vaccine. With a market capitalization of approximately $259 million, Cidara maintains a strong financial position, with InvestingPro analysis showing more cash than debt on its balance sheet and liquid assets exceeding short-term obligations.
The early analysis, potentially expedited due to the severe 2024-25 flu season, suggests that CD388 could advance into a pivotal Phase 3 study during the 2025-26 Northern Hemisphere flu season, earlier than the previously projected 3Q26 initiation for the 2026-27 season. Positive results from the NAVIGATE study are expected to support the upcoming Phase 3 study, with top-line data anticipated in the first half of 2025, more likely in the second quarter, as per the analyst’s expectations.
Arce’s optimism about Cidara’s prospects is reflected in the revised price target, signaling confidence in the potential of CD388 as a significant development in influenza prevention. The announcement of the updated price target and maintained Buy rating underscores the analyst’s positive outlook for Cidara Therapeutics’ stock performance. For investors seeking deeper insights, InvestingPro offers additional analysis with 8 more exclusive ProTips and comprehensive financial metrics to better evaluate Cidara’s investment potential.
In other recent news, Cidara Therapeutics reported a significant increase in its fourth-quarter net loss, reaching $52.3 million, or -$5.37 per share, compared to a $3.2 million loss in the same period the previous year. This wider loss is attributed to increased research and development expenses, which surged to $46.9 million, primarily due to costs associated with the Phase 2b NAVIGATE trial for their influenza drug candidate, CD388. The company did not report any collaboration revenue for the quarter, a decline from $2.8 million in the year-ago period. Cidara ended 2024 with $196.2 million in cash and equivalents, supported by recent financing activities, including a $240.0 million raise in April and an additional $105.0 million from a private placement in November led by Venrock Healthcare Capital Partners (WA:CPAP). The company completed enrollment for the NAVIGATE trial in December, with plans to potentially conduct an early efficacy analysis in the first half of 2025. This analysis could enable the initiation of a Phase 3 study during the 2025-26 Northern Hemisphere influenza season. Cidara’s CEO, Jeffrey Stein, highlighted 2024 as a transformational year, marked by the reacquisition of rights to the CD388 program.
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