Promising Outlook for Cidara Therapeutics: Buy Rating Affirmed Amid Upcoming R&D Insights and Strategic FDA Engagement

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. The company is poised to provide more detailed insights into their Phase 2b Flu trial during an upcoming R&D day, which is expected to shed light on the statistical analysis plan and the commercial potential of their CD388 product. This upcoming event is likely to offer investors a clearer understanding of the company’s strategic direction and competitive positioning.
Additionally, recent discussions with the FDA regarding potential changes to the trial’s statistical analysis plan suggest a proactive approach by Cidara to align with regulatory expectations. These developments, coupled with the anticipation of topline results from the trial in late June, create a promising outlook for the company’s future performance, justifying the Buy rating.

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