Cidara Therapeutics initiated with an Overweight at JPMorgan

JPMorgan analyst Anupam Rama initiated coverage of Cidara Therapeutics (CDTX) with an Overweight rating and $200 price target The firm says the Phase 2b NAVIGATE study of Cidara’s lead asset, CD388, for influenza show the “game-changing potential of the product.” In addition, the addressable population being assessed in the ongoing Phase 3 ANCHOR study is wider than many expected, the analyst tells investors in a research note. JPMorgan is at the higher end of Street estimates for probability-of-success and peak sales for CD388. It assumes peak sales of $4B in the U.S. alone with a 75% probability of success.