Cidara Therapeutics, Inc. (NASDAQ:CDTX) Receives Consensus Recommendation of “Buy” from Analysts

Shares of Cidara Therapeutics, Inc. (NASDAQ:CDTX) have been given an average recommendation of “Buy” by the six ratings firms that are currently covering the firm, Marketbeat reports. Five analysts have rated the stock with a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12-month target price among analysts that have issued ratings on the stock in the last year is $32.20.

A number of analysts have commented on CDTX shares. StockNews.com lowered shares of Cidara Therapeutics from a “hold” rating to a “sell” rating in a research note on Monday, November 11th. Guggenheim started coverage on shares of Cidara Therapeutics in a report on Friday, November 8th. They issued a “buy” rating and a $33.00 target price on the stock. WBB Securities raised their price target on shares of Cidara Therapeutics from $40.00 to $45.00 and gave the company a “strong-buy” rating in a research report on Thursday, December 5th. Royal Bank of Canada initiated coverage on Cidara Therapeutics in a report on Friday, December 13th. They set an “outperform” rating and a $34.00 price objective for the company. Finally, HC Wainwright restated a “buy” rating and issued a $24.00 target price on shares of Cidara Therapeutics in a report on Monday, November 11th.

Hedge Funds Weigh In On Cidara Therapeutics

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Geode Capital Management LLC lifted its holdings in Cidara Therapeutics by 22.7% during the third quarter. Geode Capital Management LLC now owns 52,898 shares of the biotechnology company’s stock worth $569,000 after acquiring an additional 9,771 shares during the period. Checkpoint Capital L.P. boosted its holdings in shares of Cidara Therapeutics by 25.5% in the 3rd quarter. Checkpoint Capital L.P. now owns 182,426 shares of the biotechnology company’s stock worth $1,961,000 after buying an additional 37,009 shares during the last quarter. Finally, RA Capital Management L.P. bought a new position in Cidara Therapeutics during the third quarter valued at about $7,558,000. Hedge funds and other institutional investors own 35.82% of the company’s stock.

Cidara Therapeutics Stock Performance

CDTX stock opened at $23.69 on Friday. The company has a market cap of $166.94 million, a P/E ratio of -0.93 and a beta of 1.13. Cidara Therapeutics has a fifty-two week low of $10.00 and a fifty-two week high of $24.99. The stock’s 50 day simple moving average is $17.39 and its 200 day simple moving average is $13.79.

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.