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H.C. Wainwright assumed coverage on Cidara Therapeutics (NASDAQ:CDTX) Wednesday with a buy rating and a price target of $41.00, citing the company’s novel approach to influenza prevention. According to InvestingPro data, analyst targets for CDTX range from $35 to $50, with a strong buy consensus rating of 1.6 (where 1 is Strong Buy and 5 is Strong Sell).
The research firm highlighted CD388, Cidara’s lead influenza drug-Fc conjugate candidate being developed for the prevention of all strains of influenza A and B. The drug represents a differentiated approach to universally target influenza, according to the firm.
H.C. Wainwright noted that current influenza vaccines and antivirals fail to adequately protect high-risk patient populations, leaving them vulnerable to severe illness, hospitalization, and death. Approximately 50 million people in the U.S. lack adequate protection against influenza, based on current estimates.
The firm identified two distinctive advantages of CD388 over conventional flu vaccines. First, CD388 is designed to provide universal protection regardless of an individual’s immune response. Second, the effectiveness of CD388 is not dependent on the accuracy of seasonal influenza strain prediction.
Cidara Therapeutics is a clinical-stage biotechnology company focused on developing its drug-Fc conjugate platform to address significant unmet medical needs in infectious disease prevention and treatment. For deeper insights into CDTX’s financial health and growth prospects, including 10+ additional ProTips and comprehensive valuation metrics, explore the full company analysis on InvestingPro.
In other recent news, Cidara Therapeutics is garnering attention with several developments surrounding its CD388 antiviral candidate. The company reported its first-quarter financial results, highlighting lower-than-expected expenses and a strong cash position of $174 million. Analysts at JMP Securities raised their price target to $47.00, maintaining a Market Outperform rating, driven by optimism for the upcoming Phase 2b trial results of CD388, anticipated later this month. Meanwhile, Needham analysts also increased their price target to $36, citing positive expectations based on previous trial data and revised statistical analysis plans. The NAVIGATE Phase 2b trial is a significant focus, evaluating CD388 as a novel flu prevention drug, with a readout expected soon. JMP Securities expressed confidence in the trial’s outcome, noting the drug’s potential to impact future flu seasons. Key opinion leaders have praised CD388 for its high potency and ability to be manufactured rapidly, which could be essential in addressing flu outbreaks. Both JMP and Citizens JMP analysts have reaffirmed their optimistic outlooks, underscoring the potential market opportunity for CD388, especially among high-risk populations. Investors are closely watching these developments, which could significantly influence Cidara Therapeutics’ trajectory and the broader market for influenza prevention solutions.
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