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

Shares of Cidara Therapeutics, Inc. (NASDAQ:CDTX) gapped up prior to trading 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.

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

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in CDTX. Flagship Harbor Advisors LLC purchased a new position in Cidara Therapeutics in the third quarter worth $28,000. Raymond James Financial Services Advisors Inc. boosted its position 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 buying an additional 15,912 shares during the period. Finally, Pale Fire Capital SE purchased a new stake in Cidara Therapeutics during the third quarter valued at about $51,000. 35.82% of the stock is currently owned by hedge funds and other institutional investors.

Cidara Therapeutics Stock Up 5.8 %

The firm’s 50-day simple moving average is $15.37 and its 200-day simple moving average is $15.33. The firm has a market capitalization of $1.19 billion, a PE ratio of -54.17 and a beta of 0.98.

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.