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Investing.com - Guggenheim raised its price target on Cidara Therapeutics (NASDAQ:CDTX) to $69.00 from $68.00 on Wednesday, while maintaining a Buy rating on the stock. The company, now valued at $1.12 billion, has seen its shares surge over 337% in the past year, with analyst targets ranging from $53 to $75.
The price target adjustment follows Cidara’s recent equity capital raise and Phase 2b NAVIGATE trial results for its CD388 flu prevention drug, which Guggenheim described as providing "critical validation" for the treatment option. According to InvestingPro data, the company maintains a healthy balance sheet with more cash than debt and a strong current ratio of 3.87x.
The clinical data showed CD388 achieved over 70% protective efficacy at the 450mg dose in healthy adults with a clean safety profile, while demonstrating broad protection against influenza strains, including pandemic variants.
Guggenheim noted that Cidara is now positioned to execute its Phase 3 program, which could begin as early as Fall 2025 in the Northern Hemisphere, though the base case expectation is for a Spring 2026 start in the Southern Hemisphere.
The research firm also highlighted a potential Biomedical Advanced Research and Development Authority (BARDA) funding decision as an additional upside opportunity that could materialize as early as September 2025.
In other recent news, Cidara Therapeutics has announced promising results from its Phase 2b NAVIGATE trial for the influenza prevention treatment CD388. The trial demonstrated significant efficacy, with the highest dose providing 76.1% prevention against influenza over 24 weeks. These results were statistically significant across all tested dose groups, with no serious safety concerns reported. In another development, Cidara is planning a substantial public offering of $250 million in common stock, with J.P. Morgan and Morgan Stanley (NYSE:MS) among the managers. The company has also terminated its at-the-market prospectus for common stock sales, notifying its sales agent, Jefferies LLC. Despite the suspension, Cidara’s sales agreement with Jefferies remains in effect, though no shares will be sold at this time. These recent developments highlight Cidara’s ongoing efforts in drug development and financial strategies.
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