Cidara Therapeutics price target raised to $150 from $110 at H.C. Wainwright

H.C. Wainwright analyst Sara Nik raised the firm’s price target on Cidara Therapeutics (CDTX) to $150 from $110 and keeps a Buy rating on the shares after the company announced that the FDA has granted Breakthrough Therapy designation to CD388, targeting prevention of influenza A and B at higher risk of complications due to immunodeficiency, despite influenza vaccination, vaccine contraindicated. This represents a significant update, on top of the BARDA award last week, in the firm’s belief, which continues to highlight CD388’s potential and medical need. This FDA designation allows for potential Priority Review, and Wainwright looks forward to additional regulatory visibility as the Phase 3 ANCHOR progresses.