Needham analyst Alan Carr maintained a Buy rating on Cidara Therapeutics (NASDAQ: CDTX) today and set a price target of $14. The company’s shares opened today at $4.25, close to its 52-week low of $3.65.
Carr wrote:
“Cidara reported 2Q18 financial results yesterday and we spoke w/ mgmt for a corporate update. 2 discussions w/ FDA and EMA around rezafungin as a treatment for Candidemia/ Invasive Candidiasis have been completed and a Phase 3 trial (RESTORE) is expected to begin in 3Q18 (unch). Discussions for use as prophylaxis, however, have not been completed and mgmt is shifting out initiation of the Phase 3 RESPECT trial to 1Q19 (was 2H18). Mgmt reiterated guidance for results from the Phase 2 STRIVE B bridging trial in 2Q19. Reiterate BUY. We believe overall profile of the antifungal is underappreciated by investors.”
According to TipRanks.com, Carr is a 3-star analyst with an average return of 3.4% and a 41.8% success rate. Carr covers the Healthcare sector, focusing on stocks such as Biohaven Pharmaceutical Holding Co Ltd, Rhythm Pharmaceuticals Inc, and Lexicon Pharmaceuticals.
The word on The Street in general, suggests a Strong Buy analyst consensus rating for Cidara Therapeutics with a $10.81 average price target, a 154.4% upside from current levels. In a report issued on July 26, Citigroup also initiated coverage with a Buy rating on the stock with a $8 price target.
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Based on Cidara Therapeutics’ latest earnings release for the quarter ending March 31, the company reported a quarterly GAAP net loss of $16.75 million. In comparison, last year the company had a GAAP net loss of $16.65 million.
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Cidara Therapeutics, Inc. operates as a clinical-stage biopharmaceutical company, which engages in the research and development of anti-infectives for the treatment of fungal infections. Its portfolio includes CD101 IV, CD101 Topical, and Cloudbreak.
