Cidara Therapeutics (CDTX) stock rocketed higher on Monday after the biotechnology company announced positive results from its Phase 2b NAVIGATE clinical trial of CD388. This study was conducted to determine the effectiveness of CD388 in preventing seasonal influenza in healthy, unvaccinated adults aged 18 to 64.
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The big news here is that the clinical trial met its primary endpoint. Data from the study showed prevention efficacy of 57.7% from the 150 mg treatment, 61.3% from the 300 mg treatment, and 76.1% from the 450 mg treatment. Additionally, the study met all of its secondary endpoints, including efficacy at 37.8 degree and 37.2 degree Celsius temperature thresholds, and prevention efficacy maintenance of up to 28 weeks.
The positive results from this study sent shares of CDTX stock up 83.11% on Monday, extending its 86.18% 12-month rally and reversing a 21.8% year-to-date drop.
Is CDTX Stock a Buy, Sell, or Hold?
Turning to Wall Street, the analysts’ consensus rating for Cidara Therapeutics is Strong Buy, based on seven Buy ratings over the past three months. With that comes an average CDTX stock price target of $42.33, representing a potential 101.38% upside for the shares.
