Cidara Therapeutics price target raised to $66 from $59 at Citizens JMP

Citizens JMP analyst Roy Buchanan raised the firm’s price target on Cidara Therapeutics (CDTX) to $66 from $59 and keeps an Outperform rating on the shares. Cidara ended Q2 with $517M that is expected to fund the company beyond Phase 3, and an end-of-Phase 2 meeting with the FDA is scheduled for later this month, where Cidara will look to gain alignment on the aspects of the Phase 3 plan from the prior Type C meeting in the context of now having the NAVIGATE results, the analyst tells investors in a research note. While the company remains laser focused on CD388, Citizens believes the platform has been validated as potentially relevant to a wide range of small molecules, and thinks there should be an M&A premium in Cidara’s value given the strong efficacy and safety data for CD388.