Leerink Partners has launched coverage of Cidara Therapeutics (NASDAQ:CDTX) with an “outperform” rating and $24 price target in 12 months. The stock closed at $14.94 on Friday.
Cidara is focused on developing novel anti-infectives for the treatment of serious fungal diseases.
“We believe lead product, CD101, has the potential to be a best-in-class anti-fungal agent, benefitting from multiple points of differentiation, including increased potency and a longer-half life, which may enable once-weekly dosing and earlier hospital discharge,” writes analyst Paul Mattels.
Long term, he said Cidara’s “Cloudbreak” platform could represent a significant source of upside. Lead Cloudbreak candidates, C001 and C016, operate via a scientifically compelling mechanism-of-action, which could be applicable to many types of serious infections, not just fungal.
“Data from single and multi-dose CD101 IV studies are expected by YE15/1H16,” he added.
Similar to CD101 IV, Cidara’s topical formulation of CD101 has shown “superior in vitro potency to standard-of-care azoles, which we believe holds the potential to translate into better outcomes for patients with recurrent vulvovaginal candidiasis,” Mr. Mattels said.
Cidara is advancing CD101 topical into a Phase 1/2 study in the first half next year, which should to produce efficacy and safety data by the end of 2016.
