Buy Rating Justified by Cidara Therapeutics’ Upcoming Clinical Trials and Expanding Oncology Pipeline

In a report released today, Joseph Stringer from Needham maintained a Buy rating on Cidara Therapeutics (CDTX – Research Report), with a price target of $25.00.

Joseph Stringer has given his Buy rating due to a combination of factors surrounding Cidara Therapeutics’ promising pipeline and strategic timelines for their upcoming clinical trials. The anticipation of the Phase 2b Flu prevention trial for their drug candidate CD388, which is expected to commence in the fourth quarter of 2024, positions the company at a crucial juncture, as it aligns with the Northern Hemisphere Flu season. The potential for topline data from this trial, which could become available in the fourth quarter of 2025, offers a clear milestone for investors to monitor the company’s progress.
Additionally, Stringer’s optimism is fueled by Cidara Therapeutics’ plans to submit an Investigational New Drug (IND) application for another promising candidate, CBO421, aimed at treating solid tumors, including Triple-Negative Breast Cancer (TNBC). The initiation of a Phase 1 trial slated for the third quarter of 2024 further underscores the company’s robust approach to expanding its oncology portfolio. Interim results expected in the first quarter of 2025 provide another key event that could potentially validate the company’s research and development capabilities, thus justifying the Buy rating.

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Cidara Therapeutics (CDTX) Company Description:

Cidara Therapeutics, Inc. is a biotechnology company, which engages in the discovery, development, and commercialization of novel anti-infectives. Its product pipeline includes Rezafungin and Cloudbreak. The company was founded by Kevin M. Forrest, Kevin J. Judice, and H. Shaw Warren in December 2012 and is headquartered in San Diego, CA.