JFrog stock rises as Cantor Fitzgerald maintains Overweight rating after strong Q2
On Tuesday, JMP Securities analyst reiterated a positive outlook for Cidara Therapeutics, maintaining a Market Outperform rating and a $46.00 price target for the company’s stock, representing significant upside from its current price of $21.03. According to InvestingPro data, analysts maintain a Strong Buy consensus with price targets ranging from $33 to $46. The firm’s confidence is anchored in the anticipated Phase 2b results for CD388, Cidara’s novel prophylactic aimed at preventing influenza, which are expected in the second half of June.
Cidara Therapeutics, which trades on NASDAQ under the ticker (NASDAQ:CDTX) with a market capitalization of $230 million, is in the spotlight as it prepares to reveal outcomes from a significant study involving approximately 5,000 subjects. InvestingPro analysis shows the company maintains strong liquidity with a current ratio of 4.25, though it’s currently burning through cash reserves. These participants were administered one of three different dose levels of CD388 or a placebo to evaluate the drug’s effectiveness in preventing symptomatic influenza.
The management of Cidara has identified several potential comparators that could serve as benchmarks for CD388’s efficacy. JMP Securities views these upcoming results as potentially transformative for Cidara’s stock value. The firm believes that even if CD388’s efficacy does not surpass that of existing vaccines, it does not need to in order to progress in development or to be commercially successful, especially considering the unmet medical needs in target populations such as immunocompromised individuals.
The upcoming data release is seen as a pivotal event for Cidara, with the potential to significantly impact the company’s share performance. The anticipation builds as the market awaits to see if CD388 will meet the efficacy thresholds set by management and how it will fare in comparison to existing influenza prevention options.
Investors and industry observers are closely monitoring Cidara Therapeutics as the date for the Phase 2b results announcement approaches. The stock has already demonstrated strong momentum, posting a 57% gain over the past six months. The outcome of this study could be a critical driver for the company’s future direction and market valuation. InvestingPro subscribers have access to 10 additional key insights about Cidara’s financial health and growth potential.
In other recent news, Cidara Therapeutics reported a wider fourth-quarter loss, with a net loss of $52.3 million compared to $3.2 million in the same period last year. This increase was mainly due to higher research and development expenses associated with the Phase 2b NAVIGATE trial for their influenza drug candidate, CD388. Cidara did not report any collaboration revenue for the quarter, a decrease from $2.8 million the previous year. Despite the financial loss, the company ended the year with $196.2 million in cash and equivalents, supported by recent financing activities. Analysts from Cantor Fitzgerald maintained an Overweight rating on Cidara, expressing optimism about the potential of CD388 as it nears the release of pivotal Phase 2b study data. Additionally, Citizens JMP initiated coverage with a Market Outperform rating, highlighting the innovative approach of Cidara’s drug-Fc conjugates. H.C. Wainwright also raised its price target for Cidara to $35, maintaining a Buy rating, following news of an anticipated early analysis of the NAVIGATE study. Meanwhile, Phathom Pharmaceuticals announced the appointment of Ted Schroeder to its Board of Directors, recognizing his extensive experience in the biopharmaceutical industry.
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