Cidara Therapeutics (NASDAQ:CDTX) Reaches New 12-Month High After Analyst Upgrade

Cidara Therapeutics, Inc. (NASDAQ:CDTX) hit a new 52-week high during mid-day trading on Tuesday after Royal Bank Of Canada raised their price target on the stock from $35.00 to $75.00. Royal Bank Of Canada currently has an outperform rating on the stock. Cidara Therapeutics traded as high as $56.83 and last traded at $49.16, with a volume of 1010090 shares. The stock had previously closed at $44.95.

Several other research analysts have also weighed in on CDTX. HC Wainwright upgraded Cidara Therapeutics to a “buy” rating and set a $41.00 price objective for the company in a research report on Wednesday, June 18th. Citizens Jmp started coverage on Cidara Therapeutics in a research note on Wednesday, March 12th. They issued an “outperform” rating and a $46.00 price target on the stock. Citigroup assumed coverage on Cidara Therapeutics in a report on Wednesday, March 12th. They set an “outperform” rating for the company. Needham & Company LLC boosted their price objective on shares of Cidara Therapeutics from $36.00 to $54.00 and gave the company a “buy” rating in a report on Monday. Finally, Guggenheim increased their target price on shares of Cidara Therapeutics from $50.00 to $68.00 and gave the stock a “buy” rating in a research note on Tuesday. One analyst has rated the stock with a sell rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $53.71.

Hedge Funds Weigh In On Cidara Therapeutics

Several institutional investors have recently bought and sold shares of CDTX. ADAR1 Capital Management LLC purchased a new position in Cidara Therapeutics in the 4th quarter valued at approximately $670,000. Vivo Capital LLC acquired a new stake in shares of Cidara Therapeutics in the fourth quarter valued at $18,026,000. Adage Capital Partners GP L.L.C. raised its stake in shares of Cidara Therapeutics by 765.3% in the fourth quarter. Adage Capital Partners GP L.L.C. now owns 369,954 shares of the biotechnology company’s stock valued at $9,944,000 after acquiring an additional 327,199 shares in the last quarter. Boothbay Fund Management LLC purchased a new position in Cidara Therapeutics in the fourth quarter valued at $419,000. Finally, Northern Trust Corp grew its stake in Cidara Therapeutics by 6.8% during the 4th quarter. Northern Trust Corp now owns 33,957 shares of the biotechnology company’s stock worth $913,000 after purchasing an additional 2,170 shares in the last quarter. 35.82% of the stock is owned by institutional investors and hedge funds.

Cidara Therapeutics Trading Up 10.3%

The company has a market cap of $622.15 million, a PE ratio of -1.68 and a beta of 0.79. The company has a fifty day simple moving average of $22.73 and a two-hundred day simple moving average of $22.17.

Cidara Therapeutics (NASDAQ:CDTX) last announced its quarterly earnings data on Thursday, May 8th. The biotechnology company reported ($1.66) EPS for the quarter, topping analysts’ consensus estimates of ($5.45) by $3.79. On average, research analysts anticipate that Cidara Therapeutics, Inc. will post -8.74 EPS for the current fiscal year.

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.