Analyst Joseph Stringer from Needham maintained a Buy rating on Cidara Therapeutics (CDTX – Research Report) and increased the price target to $36.00 from $35.00.
Confident Investing Starts Here:
- Easily unpack a company's performance with TipRanks' new KPI Data for smart investment decisions
- Receive undervalued, market resilient stocks right to your inbox with TipRanks' Smart Value Newsletter
Joseph Stringer has given his Buy rating due to a combination of factors surrounding Cidara Therapeutics’ upcoming Phase 2b flu trial. The anticipation of the trial’s results, expected to be released in late June, is a key event for the company. Stringer is optimistic about the stock’s potential, drawing confidence from the positive data from the previous Phase 2a trial and the recent updates to the Phase 2b statistical analysis plan.
Stringer assigns a 40% probability of success to the most likely scenario, where a statistically significant reduction in risk between 45-55% could lead to a substantial increase in the stock’s value, potentially raising it by 45% to a range of $31-36 per share. This optimistic outlook, coupled with minor adjustments to the financial model and an increased price target of $36, underpins the Buy rating for Cidara Therapeutics.
According to TipRanks, Stringer is a 2-star analyst with an average return of -0.1% and a 39.77% success rate. Stringer covers the Healthcare sector, focusing on stocks such as Cidara Therapeutics, Phathom Pharmaceuticals, and Vaxcyte.
In another report released on June 2, Citizens JMP also reiterated a Buy rating on the stock with a $47.00 price target.
Looking for a trading platform? Check out TipRanks' Best Online Brokers guide, and find the ideal broker for your trades.
Report an Issue