Cidara Therapeutics price target raised to $75 from $35 at RBC Capital

RBC Capital raised the firm’s price target on Cidara Therapeutics (CDTX) to $75 from $35 and keeps an Outperform rating on the shares. Positive Phase IIb results position Cidara’s lead drug CD388 as a potential groundbreaking, long-acting flu preventative that could combine and enhance the benefits of existing vaccines and prophylactics, potentially reshaping the prevention landscape, the analyst tells investors in a research note. The firm would buy shares on the strength, given the program’s now meaningful efficacy and safety de-risking and $3B ultimate opportunity.