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

Cidara Therapeutics, Inc. (NASDAQ:CDTX)’s stock price gapped up before the market opened on Thursday after Needham & Company LLC raised their price target on the stock from $3.00 to $25.00. The stock had previously closed at $12.29, but opened at $14.50. Needham & Company LLC currently has a buy rating on the stock. Cidara Therapeutics shares last traded at $13.61, with a volume of 451,872 shares traded.

Several other research firms have also issued reports on CDTX. HC Wainwright reiterated a “buy” rating and set a $120.00 price objective on shares of Cidara Therapeutics in a research note on Monday, April 8th. Cantor Fitzgerald reissued an “overweight” rating on shares of Cidara Therapeutics in a report on Tuesday. One research analyst has rated the stock with a hold rating, three have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Cidara Therapeutics presently has an average rating of “Buy” and a consensus price target of $71.25.

Hedge Funds Weigh In On Cidara Therapeutics

A number of institutional investors and hedge funds have recently bought and sold shares of CDTX. Pale Fire Capital SE bought a new stake in shares of Cidara Therapeutics during the third quarter worth $51,000. Raymond James Financial Services Advisors Inc. lifted its position in Cidara Therapeutics by 25.2% during the 3rd quarter. Raymond James Financial Services Advisors Inc. now owns 79,119 shares of the biotechnology company’s stock worth $75,000 after buying an additional 15,912 shares in the last quarter. Finally, Flagship Harbor Advisors LLC bought a new stake in Cidara Therapeutics during the 3rd quarter worth about $28,000. Institutional investors and hedge funds own 35.82% of the company’s stock.

Cidara Therapeutics Stock Performance

The stock has a market cap of $1.19 billion, a price-to-earnings ratio of -54.17 and a beta of 0.98. The firm’s 50-day simple moving average is $15.37 and its two-hundred day simple moving average is $15.33.

Cidara Therapeutics Company Profile

Cidara Therapeutics, Inc, a biotechnology company, focuses on the discovery, development, and commercialization of long-acting anti-infectives for the treatment and prevention of infectious diseases and oncology in the United States. The company's lead product candidate is 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.