Needham & Company Starts Cidara Therapeutics (CDTX) at Buy

Needham & Company initiates coverage on Cidara Therapeutics (NASDAQ: CDTX) with a Buy rating and a price target of $20.00.

Analyst Alan Carr commented, "We are initiating coverage of Cidara with a BUY rating and $20 price target. Lead drug CD101, an echinocandin, is under development for the treatment of fungal infections. Cidara plans to initiate Phase 1 development of an IV formulation for candidemia in 2H15. A topical formulation for Recurrent Vulvovaginal Candidiasis (RVVC) is expected to enter clinical development in 1Q16 and may reach the market in 2020. Cidara was founded around the Cloudbreak Immunotherapy platform. We believe this unique technology has the potential for a transformational impact on the treatment of not only fungal, but also viral and bacterial infections in the long term."

For an analyst ratings summary and ratings history on Cidara Therapeutics click here. For more ratings news on Cidara Therapeutics click here.

Shares of Cidara Therapeutics closed at $14.94 yesterday.

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