WBB Securities Reaffirms “Strong-Buy” Rating for Cidara Therapeutics (NASDAQ:CDTX)

Cidara Therapeutics (NASDAQ:CDTX)‘s stock had its “strong-buy” rating reissued by research analysts at WBB Securities in a research report issued to clients and investors on Monday,Benzinga reports. They presently have a $45.00 price objective on the biotechnology company’s stock. WBB Securities’ price objective suggests a potential upside of 10.47% from the company’s current price.

CDTX has been the topic of a number of other research reports. Wall Street Zen upgraded Cidara Therapeutics to a “sell” rating in a report on Saturday, May 10th. Needham & Company LLC lifted their price objective on Cidara Therapeutics from $35.00 to $36.00 and gave the company a “buy” rating in a research note on Wednesday, June 4th. Guggenheim increased their target price on shares of Cidara Therapeutics from $35.00 to $50.00 and gave the stock a “buy” rating in a research report on Friday, May 16th. Citigroup started coverage on shares of Cidara Therapeutics in a report on Wednesday, March 12th. They issued an “outperform” rating on the stock. Finally, Cantor Fitzgerald reiterated an “overweight” rating on shares of Cidara Therapeutics in a research note on Tuesday, June 10th. One investment analyst has rated the stock with a sell rating, eight have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $45.43.

Cidara Therapeutics Price Performance

NASDAQ:CDTX traded up $19.72 during mid-day trading on Monday, reaching $40.74. The company’s stock had a trading volume of 3,971,009 shares, compared to its average volume of 106,435. The stock has a market cap of $511.22 million, a P/E ratio of -1.38 and a beta of 0.79. The company’s fifty day simple moving average is $22.20 and its two-hundred day simple moving average is $22.02. Cidara Therapeutics has a twelve month low of $10.14 and a twelve month high of $46.84.

Cidara Therapeutics (NASDAQ:CDTX) last announced its quarterly earnings data on Thursday, May 8th. The biotechnology company reported ($1.66) earnings per share for the quarter, topping the consensus estimate of ($5.45) by $3.79. Sell-side analysts expect that Cidara Therapeutics will post -8.74 EPS for the current fiscal year.

Institutional Investors Weigh In On Cidara Therapeutics

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

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.