Cidara Therapeutics (NASDAQ:CDTX) Shares Gap Up on Analyst Upgrade

Cidara Therapeutics, Inc. (NASDAQ:CDTX) shares gapped up before the market opened on Monday after Royal Bank Of Canada raised their price target on the stock from $35.00 to $75.00. The stock had previously closed at $21.02, but opened at $40.63. Royal Bank Of Canada currently has an outperform rating on the stock. Cidara Therapeutics shares last traded at $40.59, with a volume of 3,224,977 shares traded.

Other equities research analysts also recently issued research reports about the company. Citigroup began coverage on Cidara Therapeutics in a research report on Wednesday, March 12th. They set an “outperform” rating on the stock. Wall Street Zen raised Cidara Therapeutics to a “sell” rating in a research note on Saturday, May 10th. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Cidara Therapeutics in a research note on Tuesday, June 10th. Guggenheim upped their price target on Cidara Therapeutics from $50.00 to $68.00 and gave the company a “buy” rating in a research note on Tuesday. Finally, HC Wainwright raised Cidara Therapeutics to a “buy” rating and set a $41.00 target price on the stock in a research note on Wednesday, June 18th. One analyst has rated the stock with a sell rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $53.71.

Institutional Trading of Cidara Therapeutics

A number of hedge funds have recently added to or reduced their stakes in the stock. Point72 Asia Singapore Pte. Ltd. acquired a new position in Cidara Therapeutics in the fourth quarter valued at $56,000. Point72 Asset Management L.P. acquired a new position in Cidara Therapeutics in the fourth quarter valued at $165,000. American Century Companies Inc. acquired a new position in Cidara Therapeutics in the first quarter valued at $224,000. West Michigan Advisors LLC acquired a new position in Cidara Therapeutics in the first quarter valued at $291,000. Finally, OMERS ADMINISTRATION Corp acquired a new position in Cidara Therapeutics in the fourth quarter valued at $339,000. 35.82% of the stock is owned by institutional investors and hedge funds.

Cidara Therapeutics Stock Up 4.2%

The stock has a 50 day simple moving average of $23.26 and a 200 day simple moving average of $22.34. The company has a market cap of $587.84 million, a price-to-earnings ratio of -1.59 and a beta of 0.79.

Cidara Therapeutics (NASDAQ:CDTX) last issued its quarterly earnings results on Thursday, May 8th. The biotechnology company reported ($1.66) earnings per share for the quarter, beating analysts’ consensus estimates of ($5.45) by $3.79. As a group, equities research analysts expect that Cidara Therapeutics, Inc. will post -8.74 EPS for the current fiscal year.

Cidara Therapeutics Company Profile

Cidara Therapeutics, Inc, a biotechnology company, focuses on developing targeted therapies for patients facing cancers and other serious diseases. The company's product includes rezafungin acetate, a novel molecule in the echinocandin class of antifungals for the treatment and prevention of invasive fungal infections, including candidemia and invasive candidiasis, which are fungal infections associated with high mortality rates.