Analyst Sara Nik of H.C. Wainwright reiterated a Buy rating on Cidara Therapeutics, boosting the price target to $150.00.
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Sara Nik’s rating is based on several compelling factors that highlight the potential of Cidara Therapeutics. The recent FDA Breakthrough Therapy designation for CD388, aimed at preventing influenza A and B in high-risk populations, underscores the drug’s significant medical need and potential for priority review. This regulatory milestone, coupled with the recent BARDA award, strengthens the investment case for Cidara, showcasing the strategic importance and clinical utility of CD388.
Sara Nik also emphasizes the de-risking effect of the BARDA contract, which provides up to $339 million in non-dilutive funding. This agreement not only supports the onshoring of CD388 manufacturing to the U.S. but also facilitates further clinical trials and development. The partnership with BARDA validates CD388’s potential and positions Cidara for commercial success, particularly as the Phase 3 ANCHOR study progresses. These developments collectively enhance Cidara’s prospects, justifying the Buy rating.
In another report released today, WBB Securities also maintained a Buy rating on the stock with a $199.00 price target.