Cidara Therapeutics Inc (NASDAQ: CDTX)
Cidara Therapeutics is having an overwhelmingly rough start to the trading session today, and for good reason. Unfortunately, the company reported results from a recent Phase 2 trial, and those results weren’t up to par. Below, we’ll talk about what we’re seeing from the stock, the results that were reported, and what we can expect from CDTX ahead.
What We’re Seeing From CDTX
As mentioned above, Cidara Therapeutics is having an incredibly disappointing start to the trading session today. When the opening bell rang, the stock was already trading incredibly low thanks to the early morning data release. Since the bell, the stock has maintained losses. At the moment (9:50), CDTX is trading at $7.25 per share after a loss of $4.45 per share or 38.08% thus far today.
Why The Stock Is Falling
As is almost always the case, our partners at Trade Ideas were the first to inform us of the declines on CDTX. As soon as we received the alert, the CNA Finance team started digging to see what was causing the movement. It didn’t take long to uncover the story. Unfortunately, the company missed the primary endpoint of a recent trial.
The trial was a controlled Phase 2 trial known as RADIANT During the trial Cidara Therapeutics was assessing the efficacy of echinocandin antifungal CD101 in women with moderate-to-severe acute VVC. Unfortunately, the efficacy trial showed that the treatment was not quite as effective as hoped. In a statement, Jeffrey Stein, Ph.D., President and CEO at CDTX, had the following to offer…
“We are obviously disappointed with these results, which did not demonstrate the highly potent antifungal properties of CD101 against Candida we saw in preclinical animal models of VVC. While we believe that an improved topical formulation of CD101 could improve outcomes, at this time we have no plans for further development of CD101 topical in VVC…. We would like to thank the investigators and the patients who participated in this trial. This does not impact our development of CD101 IV for the treatment of Candidemia and invasive Candidiasis, for which animal models are well established and highly predictive of clinical outcomes.”
What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will be keeping a close eye on CDTX. In particular, we’re interested in the company’s plans moving forward. Nonetheless, we’ll keep a close eye on the news and continue to bring it to you as it breaks!
Never Miss The News Again
Do you want real-time, actionable news delivered to your inbox? Join the CNA Finance mailing list below!