Positive Buy Rating for Cidara Therapeutics Driven by Promising CD388 Development and Safety Profile

Analyst Roy Buchanan from JMP Securities reiterated a Buy rating on Cidara Therapeutics (CDTX – Research Report) and keeping the price target at $46.00.

Roy Buchanan’s rating is based on several promising factors related to Cidara Therapeutics’ development of CD388. The company’s recent presentations at an antiviral conference highlighted the potential of CD388, particularly through pharmacokinetic modeling and safety data from the NAVIGATE Phase 2b trial. Buchanan is optimistic about the drug’s efficacy, with a 60% probability of success anticipated for the upcoming top-line results, supported by pre-clinical and human challenge trial data.
The Phase 3 dose of CD388 appears to be effective, showing superiority over placebo in preventing influenza, regardless of the flu season’s characteristics. Additionally, the NAVIGATE trial’s low rates of injection site reactions and participant dropouts further bolster confidence in the drug’s safety profile. These factors collectively contribute to Buchanan’s Buy rating for Cidara Therapeutics, indicating a positive outlook for the company’s stock.

In another report released on March 10, H.C. Wainwright also maintained a Buy rating on the stock with a $35.00 price target.