Needham Thinks Cidara Therapeutics’ Stock is Going to RecoverBy Jason Carr
Needham analyst Alan Carr reiterated a Buy rating on Cidara Therapeutics (NASDAQ: CDTX) today and set a price target of $10. The company’s shares opened today at $7.05, close to its 52-week low of $6.65.
“Cidara reported 4Q16 financial results yesterday. Mgmt reiterated guidance for top-line results from ongoing Phase 2 trial of IV CD101 in Candidemia in 4Q17. We expect a positive outcome based on clinical PK data and preclinical data. Cidara announced in Feb 2017 that topical CD101 was not sufficiently active in Vulvovaginal Candidiasis to justify additional development. We believe this was tied to inadequate penetration of mucosal layer and does not read through to efficacy of IV formulation. We do not believe share price adequately captures CD101 or Cloudbreak platform value. Stock is attractive for long term investors.”
According to TipRanks.com, Carr is a 5-star analyst with an average return of 10.8% and a 47.1% success rate. Carr covers the Healthcare sector, focusing on stocks such as Catalyst Biosciences Inc, Lexicon Pharmaceuticals, and Aquinox Pharmaceuticals.
Currently, the analyst consensus on Cidara Therapeutics is Strong Buy and the average price target is $13.45, representing a 90.8% upside.
In a report released today, Cantor Fitzgerald also reiterated a Buy rating on the stock with a $9 price target.
The company has a one year high of $15.91 and a one year low of $6.65. Currently, Cidara Therapeutics has an average volume of 78.4K.
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Cidara Therapeutics, Inc. is a clinical-stage biopharmaceutical company, which engages in the research and development of anti-infectives for the treatment of fungal infections. Is portfolio includes CD101 IV, CD101 Topical, 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.