Cidara Therapeutics price target raised to $53 from $41 at H.C. Wainwright

H.C. Wainwright raised the firm’s price target on Cidara Therapeutics (CDTX) to $53 from $41 and keeps a Buy rating on the shares. The company announced positive topline results from its Phase 2b trial, NAVIGATE, evaluating CD388, the company’s lead influenza drug-Fc conjugate candidate, the analyst tells investors in a research note. The firm says the trial met its primary endpoint of preventive efficacy, which demonstrates the percentage by which a prevention method reduces the chance of getting sick compared to not using the intervention, as well as all secondary efficacy endpoints across all doses. CD388 provided strong protection against influenza illness across all doses, contends H.C. Wainwright. It increased the probability of success for CD388 to 75% from 60% based on the positive Phase 2b data.