RBC Capital raised the firm’s price target on Cidara Therapeutics (CDTX) to $115 from $75 and keeps an Outperform rating on the shares. After having consulted with “a top antiviral expert” to get his reactions to Cidara’s recent NAVIGATE Phase IIb data, the firm came away “even more optimistic” on ‘388’s ultimate market potential, which the firm now sees as $3.3B in worldwide peak sales, the analyst tells investors. The firm is “increasingly convinced there remains a significant valuation disconnect and room for considerable additional fundamental upside,” the analyst added.
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