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Investing.com - Citizens JMP has raised its price target on Cidara Therapeutics (NASDAQ:CDTX) to $66.00 from $59.00, while maintaining a Market Outperform rating. The company, currently valued at $1.37 billion, has seen its stock surge over 430% in the past year, though InvestingPro analysis suggests the stock is trading above its Fair Value.
The firm cited the platform-potential of Cidara’s Cloudbreak technology as the basis for the increased target, noting that CD388 development remains on track. InvestingPro data shows two analysts have recently revised their earnings expectations upward, though the company is not expected to be profitable this year.
Cidara reported second-quarter 2025 results showing $517 million in cash, which the company expects will fund operations beyond Phase 3 clinical trials.
An end-of-Phase 2 meeting with the FDA is scheduled for later this month, where Cidara will seek alignment on Phase 3 plans in the context of its NAVIGATE trial results.
Citizens JMP analysts believe the Cloudbreak platform has been validated as potentially relevant to a wide range of small molecules needing improved pharmacokinetic properties, and suggest Cidara’s strong efficacy and safety data for CD388 could make it an attractive M&A target.
In other recent news, Cidara Therapeutics has announced plans to initiate an underwritten public offering of $250 million in common stock, with the possibility for underwriters to purchase an additional 15% of the shares. This decision comes amid Cidara’s recent suspension of its at-the-market prospectus for common stock sales, which was previously managed under an agreement with Jefferies LLC. Meanwhile, RBC Capital has raised its price target for Cidara Therapeutics from $75 to $115, maintaining an Outperform rating, following consultation with a top antiviral expert regarding the NAVIGATE Phase IIb data. Similarly, Guggenheim has increased its price target to $69 from $68, citing the recent equity capital raise and Phase 2b NAVIGATE trial results for the CD388 flu prevention drug as critical validation. These developments reflect ongoing adjustments in the company’s strategic financial activities and analyst assessments.
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