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

Shares of Cidara Therapeutics, Inc. (NASDAQ:CDTX) have received an average recommendation of “Buy” from the four brokerages that are presently covering the firm, Marketbeat Ratings reports. Three investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. The average 1 year price objective among analysts that have covered the stock in the last year is $71.25.

A number of research analysts recently issued reports on the company. Cantor Fitzgerald restated an “overweight” rating on shares of Cidara Therapeutics in a research report on Tuesday. HC Wainwright reissued a “buy” rating and set a $120.00 price target on shares of Cidara Therapeutics in a report on Monday, April 8th. Needham & Company LLC increased their price objective on shares of Cidara Therapeutics from $3.00 to $25.00 and gave the stock a “buy” rating in a report on Thursday. Finally, WBB Securities reissued a “strong-buy” rating and set a $40.00 target price on shares of Cidara Therapeutics in a research note on Thursday.

Cidara Therapeutics Stock Up 5.8 %

CDTX stock traded up $0.71 during midday trading on Thursday, reaching $13.00. The company had a trading volume of 751,351 shares, compared to its average volume of 48,125. The firm has a market capitalization of $1.19 billion, a PE ratio of -54.17 and a beta of 0.98. The stock has a 50 day moving average price of $15.37 and a 200 day moving average price of $15.33. Cidara Therapeutics has a fifty-two week low of $10.00 and a fifty-two week high of $29.60.

Hedge Funds Weigh In On Cidara Therapeutics

Hedge funds have recently made changes to their positions in the business. Raymond James Financial Services Advisors Inc. lifted its stake in Cidara Therapeutics by 25.2% during the third quarter. Raymond James Financial Services Advisors Inc. now owns 79,119 shares of the biotechnology company’s stock valued at $75,000 after purchasing an additional 15,912 shares during the last quarter. Flagship Harbor Advisors LLC bought a new position in shares of Cidara Therapeutics in the third quarter valued at $28,000. Finally, Pale Fire Capital SE acquired a new stake in shares of Cidara Therapeutics during the 3rd quarter valued at $51,000. Institutional investors and hedge funds own 35.82% of the company’s stock.

About Cidara Therapeutics

Cidara Therapeutics, Inc, a biotechnology company, focuses on 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.