Cidara Therapeutics (NASDAQ:CDTX) Shares Gap Up on Analyst Upgrade

Cidara Therapeutics, Inc. (NASDAQ:CDTX - Get Free Report) gapped up before the market opened on Monday after Royal Bank Of Canada upgraded the stock from an outperform rating to a moderate buy rating. The stock had previously closed at $21.02, but opened at $40.63. 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 shares last traded at $40.59, with a volume of 3,224,977 shares traded.

Several other equities research analysts have also recently issued reports on the stock. Citizens Jmp started coverage on shares of Cidara Therapeutics in a research report on Wednesday, March 12th. They set an "outperform" rating and a $46.00 price objective for the company. WBB Securities reiterated a "strong-buy" rating and issued a $45.00 price objective on shares of Cidara Therapeutics in a report on Monday. Needham & Company LLC upped their price target on Cidara Therapeutics from $36.00 to $54.00 and gave the company a "buy" rating in a research note on Monday. Citigroup began coverage on shares of Cidara Therapeutics in a research report on Wednesday, March 12th. They issued an "outperform" rating on the stock. Finally, Wall Street Zen raised Cidara Therapeutics to a "sell" rating in a research note on Saturday, May 10th. One analyst has rated the stock with a sell rating, eight have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $53.71.

Institutional Investors Weigh In On Cidara Therapeutics

Several institutional investors have recently modified their holdings of the company. Point72 Asia Singapore Pte. Ltd. purchased a new position in Cidara Therapeutics in the fourth quarter valued at $56,000. Northern Trust Corp lifted its holdings 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 buying an additional 2,170 shares during the last quarter. Point72 Asset Management L.P. acquired a new position in shares of Cidara Therapeutics during the 4th quarter worth about $165,000. OMERS ADMINISTRATION Corp increased its holdings in shares of Cidara Therapeutics by 53.2% in the 1st quarter. OMERS ADMINISTRATION Corp now owns 19,300 shares of the biotechnology company's stock valued at $416,000 after acquiring an additional 6,700 shares during the last quarter. Finally, American Century Companies Inc. purchased a new stake in Cidara Therapeutics during the first quarter worth approximately $224,000. 35.82% of the stock is owned by hedge funds and other institutional investors.

Cidara Therapeutics Price Performance

The company's 50 day simple moving average is $24.44 and its 200 day simple moving average is $22.70. The company has a market capitalization of $602.78 million, a PE ratio of -1.63 and a beta of 0.79.

Cidara Therapeutics (NASDAQ:CDTX - Get Free Report) last issued its quarterly earnings data 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. On average, equities analysts forecast that Cidara Therapeutics, Inc. will post -8.74 EPS for the current 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.