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On Thursday, Citizens JMP analysts reaffirmed their Market Outperform rating for Cidara Therapeutics stock (NASDAQ: NASDAQ:CDTX) with a price target of $47.00. Currently trading at $24.05, the stock has shown strong momentum with a 9.22% gain last week. The rating follows discussions with Professor Florian Krammer from Mt. Sinai, who expressed optimism about Cidara’s CD388 antiviral candidate. According to InvestingPro data, analyst targets range from $35 to $50.
Professor Krammer highlighted the advantages of CD388 over existing flu vaccines and antivirals, emphasizing its long half-life and potential for better tissue distribution compared to full-size antibodies. The analyst’s report suggests that these factors, along with a strong flu season, bolster the NAVIGATE analysis. The company, valued at $311.92M, maintains a strong financial position with more cash than debt on its balance sheet.
The analysts at Citizens JMP see the upcoming Phase 2b readout of CD388 later this month as a significant milestone. They continue to support their risk-adjusted, DCF-derived price target based on the promising outlook for CD388.
Cidara Therapeutics is focused on developing innovative therapies to address unmet medical needs, and the continued support from analysts reflects confidence in the company’s pipeline.
In other recent news, Cidara Therapeutics has been the focus of several analyst updates and company developments. Analysts at Needham have raised their price target for Cidara Therapeutics to $36, maintaining a Buy rating, due to optimism surrounding the company’s Phase 2b flu trial for its CD388 product. JMP Securities also reaffirmed their Market Outperform rating and increased their price target to $47, citing confidence in the upcoming clinical trial results for the same drug. The firm highlighted the potential market opportunity for CD388, particularly among high-risk populations, with a projected U.S. market opportunity exceeding $5 billion.
Cidara Therapeutics recently reported first-quarter financial results, showing lower-than-expected expenses and a strong cash position of $174 million. The company is advancing its CD388 drug, a single-dose-per-season influenza preventative, through its Phase 2b trial, which has completed dosing of 5,041 subjects. Topline results are expected by the end of June, and the company has outlined plans for a Phase 3 study targeting high-risk populations in 2026.
Additionally, Cidara is considering potential collaborations with organizations like BARDA for H5N1 prevention. The company plans to discuss these developments further at an upcoming virtual R&D day. Investors and industry observers are keenly awaiting the trial results, which could significantly impact Cidara’s trajectory and the broader market for influenza prevention solutions.
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