Cidara Therapeutics, Inc. (NASDAQ:CDTX) Receives $42.86 Average Price Target from Brokerages

Cidara Therapeutics, Inc. (NASDAQ:CDTX - Get Free Report) has earned a consensus rating of "Buy" from the nine research firms that are currently covering the firm, MarketBeat reports. Eight investment analysts have rated the stock with a buy rating and one has issued a strong buy rating on the company. The average 12-month price target among brokerages that have updated their coverage on the stock in the last year is $53.71.

A number of research firms have recently commented on CDTX. Citigroup started coverage on Cidara Therapeutics in a report on Wednesday, March 12th. They issued an "outperform" rating for the company. Needham & Company LLC upped their target price on shares of Cidara Therapeutics from $36.00 to $54.00 and gave the stock a "buy" rating in a report on Monday. Royal Bank Of Canada increased their target price on shares of Cidara Therapeutics from $35.00 to $75.00 and gave the stock an "outperform" rating in a research note on Tuesday. JMP Securities restated a "market outperform" rating and set a $47.00 price target on shares of Cidara Therapeutics in a research report on Monday, June 2nd. Finally, Wall Street Zen raised Cidara Therapeutics to a "sell" rating in a research note on Saturday, May 10th.

Hedge Funds Weigh In On Cidara Therapeutics

Several hedge funds and other institutional investors have recently modified their holdings of CDTX. Jane Street Group LLC increased its holdings in Cidara Therapeutics by 119.0% during the 1st quarter. Jane Street Group LLC now owns 27,849 shares of the biotechnology company's stock valued at $600,000 after purchasing an additional 15,135 shares during the period. Goldman Sachs Group Inc. grew its position in shares of Cidara Therapeutics by 203.8% in the 1st quarter. Goldman Sachs Group Inc. now owns 42,143 shares of the biotechnology company's stock worth $908,000 after buying an additional 28,273 shares during the last quarter. Adage Capital Partners GP L.L.C. increased its stake 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 valued at $21,325,000 after buying an additional 620,046 shares during the period. Vestal Point Capital LP bought a new position in shares of Cidara Therapeutics during the first quarter valued at approximately $10,868,000. Finally, OMERS ADMINISTRATION Corp lifted its stake in Cidara Therapeutics by 53.2% in the first quarter. OMERS ADMINISTRATION Corp now owns 19,300 shares of the biotechnology company's stock worth $416,000 after acquiring an additional 6,700 shares during the period. 35.82% of the stock is owned by institutional investors.

Cidara Therapeutics Trading Up 4.2%

Shares of NASDAQ:CDTX traded up $1.89 during mid-day trading on Friday, reaching $46.84. The company had a trading volume of 3,469,967 shares, compared to its average volume of 233,326. Cidara Therapeutics has a one year low of $10.14 and a one year high of $56.83. The company's 50-day moving average price is $22.73 and its 200-day moving average price is $22.17. The firm has a market cap of $587.84 million, a price-to-earnings ratio of -1.59 and a beta of 0.79.

Cidara Therapeutics (NASDAQ:CDTX - Get Free Report) last issued its earnings results on Thursday, May 8th. The biotechnology company reported ($1.66) earnings per share (EPS) for the quarter, beating the consensus estimate of ($5.45) by $3.79. On average, research analysts anticipate that Cidara Therapeutics will post -8.74 EPS for the current fiscal year.

Cidara Therapeutics Company Profile

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.