Cidara Therapeutics, Inc. (NASDAQ:CDTX) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released on Tuesday. The firm currently has a $8.00 price target on the biotechnology company’s stock. Zacks Investment Research‘s price objective points to a potential upside of 10.34% from the company’s previous close.

According to Zacks, “Cidara Therapeutics, Inc. is a biotechnology company. The company is focused on the discovery, development and commercialization of novel anti-infectives. Its product pipeline includes CD101 IV, a long-acting echinocandin antifungal, CD101 topical and C001 which are in different clinical trial. The company developed its product using Cloudbreak(TM) immunotherapy platform. Cidara Therapeutics, Inc. is headquartered in San Diego, California. “

Other equities analysts also recently issued research reports about the stock. Cantor Fitzgerald set a $11.00 price objective on shares of Cidara Therapeutics and gave the stock a “buy” rating in a research note on Thursday, May 11th. BTIG Research reissued a “buy” rating and issued a $20.00 price objective (up previously from $15.00) on shares of Cidara Therapeutics in a research note on Saturday, April 29th. Needham & Company LLC reissued a “buy” rating and issued a $10.00 price objective on shares of Cidara Therapeutics in a research note on Monday, April 10th. Jefferies Group LLC reissued a “buy” rating and issued a $15.00 price objective on shares of Cidara Therapeutics in a research note on Friday, March 24th. Finally, HC Wainwright reissued a “buy” rating and issued a $14.00 price objective (down previously from $18.00) on shares of Cidara Therapeutics in a research note on Monday, April 17th. One research analyst has rated the stock with a sell rating, one has issued a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The stock presently has an average rating of “Buy” and an average target price of $12.41.

Cidara Therapeutics (NASDAQ:CDTX) traded up 1.40% on Tuesday, reaching $7.25. The company had a trading volume of 73,370 shares. Cidara Therapeutics has a 52 week low of $5.65 and a 52 week high of $12.95. The stock’s 50-day moving average is $6.74 and its 200-day moving average is $8.12. The company’s market capitalization is $121.84 million.

Cidara Therapeutics (NASDAQ:CDTX) last issued its quarterly earnings data on Wednesday, May 10th. The biotechnology company reported ($0.80) EPS for the quarter, topping analysts’ consensus estimates of ($0.90) by $0.10. Equities research analysts forecast that Cidara Therapeutics will post ($3.46) EPS for the current fiscal year.

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In other Cidara Therapeutics news, insider Taylor Sandison purchased 20,000 shares of Cidara Therapeutics stock in a transaction dated Wednesday, June 7th. The shares were acquired at an average cost of $5.90 per share, with a total value of $118,000.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Jeffrey Stein purchased 15,000 shares of Cidara Therapeutics stock in a transaction dated Monday, June 5th. The shares were acquired at an average cost of $5.95 per share, for a total transaction of $89,250.00. The disclosure for this purchase can be found here. Corporate insiders own 18.90% of the company’s stock.

Several institutional investors have recently modified their holdings of the company. Russell Investments Group Ltd. acquired a new position in shares of Cidara Therapeutics during the fourth quarter worth about $173,000. Teachers Advisors LLC increased its position in shares of Cidara Therapeutics by 17.5% in the fourth quarter. Teachers Advisors LLC now owns 16,524 shares of the biotechnology company’s stock worth $172,000 after buying an additional 2,458 shares during the last quarter. JPMorgan Chase & Co. increased its position in shares of Cidara Therapeutics by 455.6% in the first quarter. JPMorgan Chase & Co. now owns 25,639 shares of the biotechnology company’s stock worth $200,000 after buying an additional 21,024 shares during the last quarter. Spark Investment Management LLC acquired a new position in shares of Cidara Therapeutics during the first quarter worth about $227,000. Finally, TIAA CREF Investment Management LLC increased its position in shares of Cidara Therapeutics by 4.9% in the first quarter. TIAA CREF Investment Management LLC now owns 39,065 shares of the biotechnology company’s stock worth $305,000 after buying an additional 1,840 shares during the last quarter. 68.26% of the stock is currently owned by institutional investors and hedge funds.

Cidara Therapeutics Company Profile

Cidara Therapeutics, Inc, formerly K2 Therapeutics, Inc, is a clinical-stage biotechnology company. The Company is engaged in the discovery, development and commercialization of anti-infectives. It is developing a pipeline of product and development candidates with a focus on serious fungal infections.

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Analyst Recommendations for Cidara Therapeutics (NASDAQ:CDTX)

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