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Read Why HC Wainwright Lowered Price Target On This Small Biotech Stock

By Vandana Singh
  • U.S. marketing application filing for Cidara Therapeutics Inc's (NASDAQ:CDTX) rezafungin remains on track for mid-2022, setting up a potential early 2023 approval and launch. 
  • Cidara confirmed that the application filing of lead antifungal drug rezafungin as a potential first-line treatment for candidemia and invasive candidiasis remains on track for mid-2022, which HC Wainwright takes to mean as late as August. 
  • HC Wainwright lowered the price target to $6 from $7.50, citing the challenging capital market environment.
  • Related: Cidara Therapeutics Stock Slides Despite Acing Rezafungin Trial In Fungal Infection.
  • The analyst anticipates Cidara to be granted Priority Review (8 months from submission) by the FDA, which would place a potential PDUFA date in March or April 2023, followed by the commercial launch almost immediately after that if approved.
  • Cidara's lead influenza drug-FC conjugate, CD388, continues to progress through a Phase 1 study, advancing to the next mid-dose cohort after completing dosing in the first, low-dose cohort, in March. 
  • At the April ECCMID meeting, CDTX presented additional results from the Phase 3 ReSTORE trial. A DDI analysis showed no dose adjustment is needed with the commonly used anticancer drugs venetoclax or ibrutinib, Needham wrote.
  • The analysts reiterated the Buy rating, with the price target of $6.
  • Exploratory analysis of ReSTORE showed a faster time to first negative blood culture for rezafungin. 
  • CDTX, which is developing CD388 as a potent and universal therapy against Flu A & B, will lead clinical development through Phase 2 (funded by JNJ), after which Johnson & Johnson (NYSE:JNJ) will assume all further development.
  • Price Action: CDTX shares are down 22.6% at $0.46 during the market session on the last check Thursday.
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Dive Deeper:
Mizuho Remains Bullish On This Small-Cap Stock's Migraine Candidate, But Why Did It Cut Price Target
Mizuho Securities says that the Satsuma Pharmaceuticals Inc (NASDAQ: STSA) story is essentially unchanged. It remains bullish on STS101's potential as an effective,…
The Daily Biotech Pulse: Bristol Myers, BridgeBio Ink Oncology Pact, FDA Nod For Lava Therapeutics Blood Cancer Study And More
Here's a roundup of top developments in the biotech space over the last 24 hours:
What Does HC Wainwright Have To Say On Avadel's Narcolepsy Candidate's Potential Approval?
Avadel Pharmaceuticals PLC (NASDAQ: AVDL) reported 1Q results and provided updated color on the U.S. marketing application for FT218.
1 Biotech Stock to Buy and 1 to Sell
Increasing investments in R&D to develop new therapies, rising cases of chronic diseases, and an aging population should drive the…
One subscription that gives you access to news from hundreds of sites
The Daily Biotech Pulse: Pfizer Acquires Migraine Drugmaker For $11B, Biogen Files For Second Alzheimer's Drug Approval, Longeveron CEO Leaves
Here's a roundup of top developments in the biotech space over the last 24 hours:
COCP: Cocrystal Pharma Releases 2022 1st Quarter Results and Provides an Update on the Current Pipeline Programs
By Thomas Kerr, CFA NASDAQ:COCP READ THE FULL COCP RESEARCH REPORT
Get all your news in one place