Royal Bank Of Canada Upgrades Cidara Therapeutics (NASDAQ:CDTX) to "Moderate Buy"

Cidara Therapeutics (NASDAQ:CDTX - Get Free Report) was upgraded by research analysts at Royal Bank Of Canada from an "outperform" rating to a "moderate buy" rating in a research report issued to clients and investors on Tuesday, MarketBeat Ratings reports. The firm presently has a $75.00 price objective on the biotechnology company's stock, up from their prior price objective of $35.00. Royal Bank Of Canada's price target would suggest a potential upside of 52.58% from the company's current price.

Several other equities research analysts also recently issued reports on CDTX. Citizens Jmp assumed coverage on Cidara Therapeutics in a report on Wednesday, March 12th. They set an "outperform" rating and a $46.00 price objective on the stock. HC Wainwright upgraded Cidara Therapeutics to a "buy" rating and set a $41.00 target price on the stock in a research note on Wednesday, June 18th. Guggenheim set a $68.00 target price on Cidara Therapeutics and gave the company a "buy" rating in a research note on Tuesday. Citigroup began coverage on shares of Cidara Therapeutics in a report on Wednesday, March 12th. They issued an "outperform" rating for the company. Finally, Needham & Company LLC lifted their target price on Cidara Therapeutics from $36.00 to $54.00 and gave the stock a "buy" rating in a report on Monday. One research analyst has rated the stock with a sell rating, eight have issued a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $55.43.

Cidara Therapeutics Stock Up 2.3%

Shares of NASDAQ CDTX traded up $1.12 during trading on Tuesday, hitting $49.15. 1,236,238 shares of the company traded hands, compared to its average volume of 156,788. The firm has a market capitalization of $616.88 million, a P/E ratio of -1.64 and a beta of 0.79. The company has a 50-day moving average price of $24.44 and a 200-day moving average price of $22.70. Cidara Therapeutics has a 1 year low of $10.14 and a 1 year high of $56.83.

Cidara Therapeutics (NASDAQ:CDTX - Get Free Report) last announced its quarterly 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. Research analysts predict that Cidara Therapeutics will post -8.74 EPS for the current fiscal year.

Institutional Trading of Cidara Therapeutics

Several large investors have recently added to or reduced their stakes in CDTX. Point72 Asia Singapore Pte. Ltd. acquired a new position in Cidara Therapeutics in the 4th quarter valued at approximately $56,000. Northern Trust Corp lifted its holdings in Cidara Therapeutics by 6.8% in the 4th quarter. Northern Trust Corp now owns 33,957 shares of the biotechnology company's stock worth $913,000 after purchasing an additional 2,170 shares during the last quarter. Point72 Asset Management L.P. bought a new stake in shares of Cidara Therapeutics during the 4th quarter worth $165,000. OMERS ADMINISTRATION Corp grew its position in shares of Cidara Therapeutics by 53.2% in the first quarter. OMERS ADMINISTRATION Corp now owns 19,300 shares of the biotechnology company's stock valued at $416,000 after purchasing an additional 6,700 shares during the last quarter. Finally, American Century Companies Inc. bought a new position in Cidara Therapeutics in the 1st quarter worth approximately $224,000. 35.82% of the stock is owned by institutional investors and hedge funds.

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.