Cidara Therapeutics, Inc. (NASDAQ:CDTX) Given Consensus Recommendation of “Buy” by Brokerages

Cidara Therapeutics, Inc. (NASDAQ:CDTX) has earned a consensus rating of “Buy” from the nine brokerages that are currently covering the firm, Marketbeat Ratings reports. Eight research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. The average 1-year target price among brokers that have issued a report on the stock in the last year is $42.86.

Several research analysts recently commented on the company. Wall Street Zen raised Cidara Therapeutics to a “sell” rating in a research report on Saturday, May 10th. Citizens Jmp initiated coverage on Cidara Therapeutics in a research report on Wednesday, March 12th. They issued an “outperform” rating and a $46.00 price objective for the company. JMP Securities reaffirmed a “market outperform” rating and issued a $47.00 price objective on shares of Cidara Therapeutics in a research report on Monday, June 2nd. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Cidara Therapeutics in a research report on Tuesday, June 10th. Finally, Needham & Company LLC raised their price objective on Cidara Therapeutics from $35.00 to $36.00 and gave the company a “buy” rating in a research report on Wednesday, June 4th.

Institutional Trading of Cidara Therapeutics

Several hedge funds have recently added to or reduced their stakes in CDTX. TCG Crossover Management LLC acquired a new stake in Cidara Therapeutics during the 4th quarter worth approximately $26,092,000. VR Adviser LLC acquired a new stake in Cidara Therapeutics during the 4th quarter worth approximately $20,583,000. Vivo Capital LLC acquired a new stake in Cidara Therapeutics during the 4th quarter worth approximately $18,026,000. Adage Capital Partners GP L.L.C. lifted its holdings in Cidara Therapeutics by 167.6% during the 1st quarter. Adage Capital Partners GP L.L.C. now owns 990,000 shares of the biotechnology company’s stock worth $21,325,000 after purchasing an additional 620,046 shares during the last quarter. Finally, Vestal Point Capital LP acquired a new stake in Cidara Therapeutics during the 1st quarter worth approximately $10,868,000. 35.82% of the stock is owned by institutional investors and hedge funds.

Cidara Therapeutics Stock Performance

Shares of NASDAQ CDTX opened at $21.02 on Friday. The stock has a 50 day moving average price of $22.20 and a 200 day moving average price of $21.99. Cidara Therapeutics has a 52 week low of $10.14 and a 52 week high of $28.42. The stock has a market capitalization of $263.80 million, a PE ratio of -0.71 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) EPS for the quarter, beating the consensus estimate of ($5.45) by $3.79. As a group, research analysts forecast that Cidara Therapeutics will post -8.74 EPS for the current year.

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.