Cidara Therapeutics (NASDAQ:CDTX) Raised to Buy at HC Wainwright

Cidara Therapeutics (NASDAQ:CDTX) was upgraded by investment analysts at HC Wainwright to a “buy” rating in a research report issued to clients and investors on Wednesday, MarketBeat.com reports. The firm presently has a $41.00 price target on the biotechnology company’s stock. HC Wainwright’s price objective points to a potential upside of 92.40% from the company’s previous close.

Several other analysts have also issued reports on the stock. Citigroup started coverage on shares of Cidara Therapeutics in a research report on Wednesday, March 12th. They set an “outperform” rating on the stock. Citizens Jmp assumed coverage on shares of Cidara Therapeutics in a research report on Wednesday, March 12th. They set an “outperform” rating and a $46.00 price target on the stock. Cantor Fitzgerald restated an “overweight” rating on shares of Cidara Therapeutics in a research report on Tuesday, June 10th. Wall Street Zen upgraded shares of Cidara Therapeutics to a “sell” rating in a research report on Saturday, May 10th. Finally, JMP Securities restated a “market outperform” rating and issued a $47.00 target price on shares of Cidara Therapeutics in a research report on Monday, June 2nd. One investment analyst has rated the stock with a sell rating, eight have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, Cidara Therapeutics currently has a consensus rating of “Moderate Buy” and a consensus target price of $42.86.

Cidara Therapeutics Trading Down 3.6%

NASDAQ CDTX opened at $21.31 on Wednesday. The firm has a market capitalization of $267.44 million, a price-to-earnings ratio of -0.72 and a beta of 0.79. The firm’s 50 day simple moving average is $22.06 and its 200 day simple moving average is $21.95. Cidara Therapeutics has a 1 year low of $10.14 and a 1 year high of $28.42.

Cidara Therapeutics (NASDAQ:CDTX) last posted its quarterly earnings results on Thursday, May 8th. The biotechnology company reported ($1.66) earnings per share (EPS) for the quarter, topping the consensus estimate of ($5.45) by $3.79. On average, equities research analysts forecast that Cidara Therapeutics will post -8.74 earnings per share for the current year.

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 shares of Cidara Therapeutics during the fourth quarter worth $56,000. Northern Trust Corp lifted its holdings in shares of Cidara Therapeutics by 6.8% during the fourth quarter. Northern Trust Corp now owns 33,957 shares of the biotechnology company’s stock worth $913,000 after purchasing an additional 2,170 shares during the period. Point72 Asset Management L.P. acquired a new position in shares of Cidara Therapeutics during the fourth quarter worth $165,000. OMERS ADMINISTRATION Corp lifted its holdings in shares of Cidara Therapeutics by 53.2% during the first quarter. OMERS ADMINISTRATION Corp now owns 19,300 shares of the biotechnology company’s stock worth $416,000 after purchasing an additional 6,700 shares during the period. Finally, American Century Companies Inc. acquired a new position in shares of Cidara Therapeutics during the first quarter worth $224,000. Institutional investors and hedge funds own 35.82% of the company’s stock.

About Cidara Therapeutics

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.