Cidara Therapeutics Stock Jumps After-Hours As Strong Flu Trial Data Outweighs $250M Share Offering

Shares of Cidada Therapeutics doubled in value on Monday and jumped in after-hours trading as the biotech firm released positive results from a trial of its flu drug candidate, managing to offset pressure from plans for a $250 million share offering.

Cidara will offer all shares, and underwriters will receive a 30-day option to buy up to 15% more shares. 

J.P. Morgan, Morgan Stanley, Guggenheim Securities, and Cantor are leading the deal. 

The disclosure follows a mid-stage trial of CD388, a long-acting antiviral being developed to protect against seasonal flu. 

In the trial, which enrolled healthy adults between 18 and 64 who had not been given flu vaccines, CD388 was administered in three single doses.

Each dose showed statistically meaningful protection against the flu over a 24-week period, with the highest dose offering up to 76% protection.

Cidara said the treatment was well tolerated at all tested levels, with no significant safety concerns.

Based on the outcome, the company has formally asked the U.S. Food and Drug Administration (USFDA) to hold a meeting to review the findings and discuss next steps for a Phase 3 trial.

CD388 is being developed using Cidara’s Cloudbreak platform and is designed to offer once-per-season protection against both influenza A and B viruses. 

The company expects to share further results at upcoming medical meetings.

Following the update, H.C. Wainwright raised its price target on Cidara Therapeutics to $53 from $41, citing strong mid-stage trial results for CD388 and boosting its success probability to 75%. 

RBC Capital also lifted its target to $75 from $35, calling CD388 a potentially groundbreaking long-acting flu preventative.

On Stocktwits, retail sentiment was ‘extremely bullish’ amid a 31,400% surge in 24-hour message volume.

One user said Cidara’s rally was unusual for a company announcing a large capital raise, warning short sellers to be cautious. 

Another user noted that no price had been set for the offering yet and said they planned to watch how the situation unfolds in the next session.

The stock has risen 64.7% so far in 2025.

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