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

Cidara Therapeutics, Inc. (NASDAQ:CDTX - Get Free Report)'s stock price gapped up before the market opened on Thursday after Needham & Company LLC raised their price target on the stock from $3.00 to $25.00. The stock had previously closed at $12.29, but opened at $14.50. Needham & Company LLC currently has a buy rating on the stock. Cidara Therapeutics shares last traded at $13.61, with a volume of 451,872 shares changing hands.

Several other research analysts have also commented on CDTX. Cantor Fitzgerald restated an "overweight" rating on shares of Cidara Therapeutics in a report on Tuesday. HC Wainwright restated a "buy" rating and issued a $120.00 price objective on shares of Cidara Therapeutics in a report on Monday, April 8th. One equities research analyst has rated the stock with a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company presently has a consensus rating of "Buy" and a consensus price target of $71.25.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the stock. Flagship Harbor Advisors LLC bought a new position in shares of Cidara Therapeutics in the 3rd quarter worth about $28,000. Raymond James Financial Services Advisors Inc. increased its stake in shares of Cidara Therapeutics by 25.2% in the 3rd quarter. Raymond James Financial Services Advisors Inc. now owns 79,119 shares of the biotechnology company's stock worth $75,000 after acquiring an additional 15,912 shares in the last quarter. Finally, Pale Fire Capital SE bought a new position in shares of Cidara Therapeutics in the 3rd quarter worth about $51,000. 35.82% of the stock is currently owned by institutional investors.

Cidara Therapeutics Trading Up 5.8 %

The company's 50 day moving average is $15.37 and its 200-day moving average is $15.33. The company has a market capitalization of $1.19 billion, a P/E ratio of -54.17 and a beta of 0.98.

About Cidara Therapeutics

Cidara Therapeutics, Inc, a biotechnology company, focuses on the discovery, development, and commercialization of long-acting anti-infectives for the treatment and prevention of infectious diseases and oncology in the United States. The company's lead product candidate is 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.