Why Cidara Therapeutics Stock Crushed It Today
The leading pipeline drug being developed by Cidara Therapeutics (NASDAQ: CDTX) got a real boost from a regulator on Thursday, and the biotech's share price moved accordingly. Cidara's stock closed the day more than 12% higher, during a session in which the bellwether S 500 (SNPINDEX: ^GSPC) dropped by 0.3%.
Cidara announced before market open that the U.S. Food and Drug Administration (FDA) has granted the healthcare company's investigational flu drug its Breakthrough Therapy designation. With that tag, the FDA is set to accelerate the approval decision process for the medication.
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Source Fool.com
