RBC Capital raised the firm’s price target on Cidara Therapeutics (CDTX) to $75 from $35 and keeps an Outperform rating on the shares. The firm notes that the company’s “best-case” Phase 2Ib data sets the stage for lead drug CD388 to potentially be a novel, universal long-acting flu preventative combining and improving upon properties of current vaccines and prophylactics and potentially transforming the space, the analyst tells investors in a research note. Shares have appreciated on Monday’s news, but given the program’s now meaningful efficacy and safety de-risking and the $3B ultimate opportunity, a higher valuation is warranted, RBC added.
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