Street Calls of the Week
Investing.com - H.C. Wainwright raised its price target on Cidara Therapeutics (NASDAQ:CDTX) to $150 from $100 while maintaining a Buy rating on the stock. The company’s shares have shown remarkable momentum, surging over 300% year-to-date and currently trading near their 52-week high of $111.35.
The price target increase follows Cidara’s announcement on Wednesday that the FDA granted Breakthrough Therapy designation to its CD388 drug candidate for the prevention of influenza A and B in adults and adolescents at higher risk of complications due to immunodeficiency, despite influenza vaccination or where vaccination is contraindicated.
H.C. Wainwright noted that this FDA designation represents a significant development that highlights CD388’s potential and addresses an important medical need, particularly following the BARDA award Cidara received last week.
The Breakthrough Therapy designation could allow for potential Priority Review of CD388, potentially accelerating its regulatory pathway.
H.C. Wainwright expressed interest in additional regulatory updates as Cidara’s Phase 3 ANCHOR trial for CD388 progresses.
In other recent news, Cidara Therapeutics has announced significant developments regarding its influenza preventative, CD388. The company has received Breakthrough Therapy designation from the U.S. Food and Drug Administration for CD388, aimed at preventing influenza A and B in high-risk adults and adolescents. Additionally, Cidara secured a substantial award from the Biomedical Advanced Research and Development Authority (BARDA) valued at up to $339 million. This award includes an initial base funding of $58 million over two years to support U.S.-based manufacturing and clinical trials for CD388.
In a related development, Cidara has started its Phase 3 ANCHOR trial for CD388, enrolling 6,000 participants globally, focusing on high-risk groups, including healthy adults over 65. Analyst firm H.C. Wainwright reiterated its Buy rating on Cidara, reflecting confidence in the company’s prospects following the BARDA award. Furthermore, Citizens raised its price target for Cidara to $173, maintaining a Market Outperform rating, driven by the recent contract with BARDA. These developments highlight Cidara’s progress in advancing its influenza preventative initiatives.
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