In a report released today, Ed Arce from H.C. Wainwright maintained a Buy rating on Cidara Therapeutics (CDTX – Research Report), with a price target of $35.00.
Ed Arce has given his Buy rating due to a combination of factors related to the promising developments in Cidara Therapeutics’ CD388 program. The company announced an accelerated timeline for the Phase 2b NAVIGATE study, which is now expected to deliver top-line data six months earlier than anticipated, due to a severe flu season. This advancement could allow CD388 to enter a pivotal Phase 3 study during the 2025-26 Northern Hemisphere flu season, ahead of previous projections.
Furthermore, the NAVIGATE study has reached full enrollment, with 5,000 participants, and its primary endpoint aims to compare the rates of laboratory-confirmed clinical influenza between CD388 and a placebo. Positive results from this study could significantly support the initiation of a Phase 3 study, targeting high-risk populations such as those with chronic illnesses and the elderly. These developments, along with the potential market size and unmet needs in influenza prevention, underpin Arce’s optimistic outlook and Buy recommendation for Cidara Therapeutics.
In another report released on March 7, Needham also maintained a Buy rating on the stock with a $35.00 price target.
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