Promising Developments and Upcoming Data Release Drive Buy Rating for Cidara Therapeutics

Needham analyst Joseph Stringer maintained a Buy rating on Cidara Therapeutics (CDTX – Research Report) today and set a price target of $35.00.

Joseph Stringer has given his Buy rating due to a combination of factors surrounding Cidara Therapeutics’ promising developments. The company is on the verge of releasing pivotal data from a Phase 2b trial of its leading asset, CD388, which is anticipated to be a major catalyst for the stock’s performance. This upcoming data release has captured significant investor interest, particularly regarding the potential changes to the statistical analysis plan and the design of a possible Phase 3 program.
Moreover, there is considerable focus on how Cidara plans to position CD388 in the market and its overall commercial potential. The anticipation of more detailed insights into the CD388 program during the upcoming R&D Day further supports the positive outlook. These elements collectively contribute to Stringer’s optimistic assessment and the Buy rating for Cidara Therapeutics.

According to TipRanks, Stringer is an analyst with an average return of -5.0% and a 35.81% success rate. Stringer covers the Healthcare sector, focusing on stocks such as Rhythm Pharmaceuticals, Phathom Pharmaceuticals, and Alnylam Pharma.

In another report released on May 9, Citizens JMP also maintained a Buy rating on the stock with a $47.00 price target.