Cidara Therapeutics (NASDAQ:CDTX) Hits New 1-Year High Following Analyst Upgrade

Cidara Therapeutics, Inc. (NASDAQ:CDTX - Get Free Report) shares reached a new 52-week high during trading on Tuesday after Royal Bank Of Canada upgraded the stock from an outperform rating to a moderate buy rating. Royal Bank Of Canada now has a $75.00 price target on the stock, up from their previous price target of $35.00. Cidara Therapeutics traded as high as $56.83 and last traded at $49.16, with a volume of 1010090 shares trading hands. The stock had previously closed at $44.95.

Other research analysts also recently issued reports about the stock. Needham & Company LLC lifted their price target on shares of Cidara Therapeutics from $36.00 to $54.00 and gave the stock a "buy" rating in a research note on Monday. Guggenheim raised their price target on shares of Cidara Therapeutics from $50.00 to $68.00 and gave the stock a "buy" rating in a report on Tuesday. Citizens Jmp began coverage on Cidara Therapeutics in a research report on Wednesday, March 12th. They set an "outperform" rating and a $46.00 price target for the company. Wall Street Zen raised shares of Cidara Therapeutics to a "sell" rating in a research note on Saturday, May 10th. Finally, JMP Securities reiterated a "market outperform" rating and set a $47.00 target price on shares of Cidara Therapeutics in a report on Monday, June 2nd. One investment analyst has rated the stock with a sell rating, seven have issued a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $53.71.

Institutional Trading of Cidara Therapeutics

A number of hedge funds have recently made changes to their positions in the stock. TCG Crossover Management LLC bought a new position in Cidara Therapeutics during the 4th quarter valued at approximately $26,092,000. VR Adviser LLC purchased a new stake in shares of Cidara Therapeutics in the fourth quarter worth $20,583,000. Vivo Capital LLC bought a new position in shares of Cidara Therapeutics during the fourth quarter valued at $18,026,000. Adage Capital Partners GP L.L.C. increased its holdings 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 acquiring an additional 620,046 shares in the last quarter. Finally, Vestal Point Capital LP purchased a new position in shares of Cidara Therapeutics in the 1st quarter worth about $10,868,000. 35.82% of the stock is owned by institutional investors.

Cidara Therapeutics Trading Up 5.3%

The company has a market cap of $619.09 million, a P/E ratio of -1.67 and a beta of 0.79. The stock's 50 day moving average is $23.26 and its 200-day moving average is $22.34.

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, topping the consensus estimate of ($5.45) by $3.79. As a group, sell-side analysts forecast that Cidara Therapeutics, Inc. will post -8.74 EPS for the current 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.