Cidara Therapeutics (NASDAQ:CDTX) Given Strong-Buy Rating at WBB Securities

Cidara Therapeutics (NASDAQ:CDTX)‘s stock had its “strong-buy” rating reissued by investment analysts at WBB Securities in a research report issued to clients and investors on Thursday, Benzinga reports. They currently have a $40.00 price target on the biotechnology company’s stock. WBB Securities’ price target would suggest a potential upside of 207.69% from the company’s current price.

A number of other brokerages have also issued reports on CDTX. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Cidara Therapeutics in a report on Tuesday. Needham & Company LLC increased their price target on Cidara Therapeutics from $3.00 to $25.00 and gave the company a “buy” rating in a research note on Thursday. Finally, HC Wainwright reaffirmed a “buy” rating and issued a $120.00 price objective on shares of Cidara Therapeutics in a research note on Monday, April 8th. One investment analyst has rated the stock with a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus price target of $71.25.

Cidara Therapeutics Stock Up 5.8 %

Cidara Therapeutics stock traded up $0.71 during midday trading on Thursday, reaching $13.00. The stock had a trading volume of 751,049 shares, compared to its average volume of 48,125. The firm’s 50-day moving average price is $15.37 and its 200 day moving average price is $15.33. Cidara Therapeutics has a 12 month low of $10.00 and a 12 month high of $29.60. The firm has a market capitalization of $1.19 billion, a PE ratio of -54.17 and a beta of 0.98.

Hedge Funds Weigh In On Cidara Therapeutics

Several large investors have recently modified their holdings of CDTX. Raymond James Financial Services Advisors Inc. raised its stake in shares of Cidara Therapeutics by 25.2% in 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 acquiring an additional 15,912 shares during the period. Pale Fire Capital SE bought a new position in Cidara Therapeutics during the 3rd quarter valued at about $51,000. Finally, Flagship Harbor Advisors LLC bought a new stake in Cidara Therapeutics in the third quarter worth about $28,000. Institutional investors 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.