Cidara Therapeutics Inc (NASDAQ:CDTX) Stock Sees Bullish Uptrend After The Recent News

Cidara Therapeutics Inc (NASDAQ:CDTX) jumped 10% and 16% for the week after announcing the completion of enrolment in the pivotal phase III ReSTORE study. The company is surveying in collaboration with Mundipharm, and it is evaluating rexafungin’s safety and efficacy as first-line invasive candidiasis and candidemia treatment.

The study enrolled 184 invasive candidiasis and /or candidemia patients. This is a significant unmet need area for critically sick hospitalized patients and those with compromised immunity.

Lead study investigator George Thompson said that rezafungin is a proprietary once-weekly antifungal with the potential of helping critically sick patients that struggling with invasive Candida infections. Thompson said that the completion of recruitment in the study is a massive milestone, especially for patients. Cidara CEO Jeffrey Stein said that if rezafungin receives approval, it will be the first new treatment for candida in almost a decade. Therefore, in the coming weeks, CDTX is worth watching.

Market Reaction:

On Friday, CDTX stock gained 9.50% at $1.96 with more than 718k shares, compared to its average volume of 385k shares. The stock has moved within a range of $1.7400 – 2.0200 after opening the trade at $1.81.