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

Shares of Cidara Therapeutics, Inc. (NASDAQ:CDTX - Get Free Report) gapped up prior to trading on Monday after Needham & Company LLC raised their price target on the stock from $36.00 to $54.00. The stock had previously closed at $21.02, but opened at $40.63. Needham & Company LLC currently has a buy rating on the stock. Cidara Therapeutics shares last traded at $40.59, with a volume of 3,224,977 shares changing hands.

Other equities research analysts also recently issued research reports about the company. Wall Street Zen raised Cidara Therapeutics to a "sell" rating in a report on Saturday, May 10th. Royal Bank Of Canada reiterated an "outperform" rating and issued a $35.00 target price (up from $31.00) on shares of Cidara Therapeutics in a research report on Friday, May 23rd. Cantor Fitzgerald restated an "overweight" rating on shares of Cidara Therapeutics in a report on Tuesday, June 10th. Citizens Jmp began coverage on Cidara Therapeutics in a research note on Wednesday, March 12th. They issued an "outperform" rating and a $46.00 price objective for the company. Finally, HC Wainwright upgraded shares of Cidara Therapeutics to a "buy" rating and set a $41.00 target price on the stock in a research report on Wednesday, June 18th. 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. Based on data from MarketBeat.com, Cidara Therapeutics has a consensus rating of "Moderate Buy" and a consensus price target of $45.43.

Institutional Investors Weigh In On Cidara Therapeutics

Several large investors have recently modified their holdings of the company. BVF Inc. IL grew its stake in shares of Cidara Therapeutics by 55.4% in the 4th quarter. BVF Inc. IL now owns 1,092,796 shares of the biotechnology company's stock valued at $29,374,000 after buying an additional 389,731 shares during the period. RA Capital Management L.P. boosted its position in Cidara Therapeutics by 55.4% in the fourth quarter. RA Capital Management L.P. now owns 1,092,796 shares of the biotechnology company's stock worth $29,374,000 after purchasing an additional 389,716 shares during the last quarter. TCG Crossover Management LLC bought a new position in Cidara Therapeutics during the fourth quarter valued at about $26,092,000. Adage Capital Partners GP L.L.C. grew its position in shares of Cidara Therapeutics by 167.6% during the 1st 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 during the period. Finally, VR Adviser LLC bought a new position in Cidara Therapeutics during the fourth quarter valued at $20,583,000. 35.82% of the stock is currently owned by institutional investors and hedge funds.

Cidara Therapeutics Trading Up 102.5%

The company has a market cap of $534.13 million, a PE ratio of -1.44 and a beta of 0.79. The firm has a fifty day moving average of $22.20 and a two-hundred day moving average of $22.02.

Cidara Therapeutics (NASDAQ:CDTX - Get Free Report) last released its quarterly earnings data on Thursday, May 8th. The biotechnology company reported ($1.66) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($5.45) by $3.79. Sell-side analysts expect that Cidara Therapeutics, Inc. 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.

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