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Investing.com - RBC Capital raised its price target on Cidara Therapeutics (NASDAQ:CDTX) stock to $115.00 from $75.00 on Wednesday, while maintaining an Outperform rating. The biotech company, now valued at $1.35 billion, has delivered remarkable returns with shares up 440% over the past year and 130% year-to-date.
The price target increase follows RBC’s consultation with a top antiviral expert who works as a pharmacoepidemiology researcher and pediatric hospitalist at a major academic center, regarding Cidara’s recent NAVIGATE Phase IIb data.
RBC emerged "even more optimistic" about the Phase III trials and the market potential of Cidara’s ’388 drug candidate, which the firm now estimates could reach $3.3 billion in peak worldwide sales.
Despite Cidara shares having tripled following the Phase IIb results, RBC believes "there remains a significant valuation disconnect and room for considerable additional fundamental upside."
The firm maintained its Outperform rating on Cidara stock with a Speculative Risk designation.
In other recent news, Cidara Therapeutics announced positive results from its Phase 2b NAVIGATE trial for the CD388 flu prevention drug, achieving statistically significant prevention efficacy across all tested dose groups. Following this development, Guggenheim raised its price target for Cidara Therapeutics to $69, maintaining a Buy rating, citing the trial results as "critical validation" for the treatment. Additionally, Cidara Therapeutics has announced plans for a $250 million underwritten public offering of common stock, with an option for underwriters to purchase an additional 15% of shares. This proposed offering is subject to market conditions and follows the company’s recent decision to suspend its at-the-market prospectus for common stock sales. The suspension means no shares will be sold under the previous agreement with Jefferies LLC unless a new prospectus is filed. These developments reflect Cidara’s ongoing efforts to strengthen its financial position and advance its therapeutic offerings.
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