Cidara Therapeutics (NASDAQ:CDTX) Raised to Moderate Buy at Royal Bank Of Canada

Cidara Therapeutics (NASDAQ:CDTX - Get Free Report) was upgraded by equities researchers at Royal Bank Of Canada from an "outperform" rating to a "moderate buy" rating in a research note issued to investors on Tuesday, Marketbeat reports. The brokerage presently has a $75.00 target price on the biotechnology company's stock, up from their previous target price of $35.00. Royal Bank Of Canada's price target indicates a potential upside of 52.04% from the stock's previous close.

Several other brokerages also recently weighed in on CDTX. Citizens Jmp initiated coverage on shares of Cidara Therapeutics in a research note on Wednesday, March 12th. They set an "outperform" rating and a $46.00 target price for the company. HC Wainwright raised Cidara Therapeutics to a "buy" rating and set a $41.00 price objective for the company in a research note on Wednesday, June 18th. WBB Securities reaffirmed a "strong-buy" rating and set a $45.00 price objective on shares of Cidara Therapeutics in a research report on Monday. Citigroup started coverage on Cidara Therapeutics in a report on Wednesday, March 12th. They issued an "outperform" rating on the stock. Finally, Wall Street Zen upgraded Cidara Therapeutics to a "sell" rating in a research note on Saturday, May 10th. One research analyst has rated the stock with a sell rating, seven have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, Cidara Therapeutics currently has a consensus rating of "Moderate Buy" and a consensus target price of $53.71.

Cidara Therapeutics Stock Performance

NASDAQ CDTX traded up $2.49 on Tuesday, reaching $49.33. The stock had a trading volume of 3,650,975 shares, compared to its average volume of 144,075. The stock has a market cap of $619.09 million, a P/E ratio of -1.67 and a beta of 0.79. Cidara Therapeutics has a 12-month low of $10.14 and a 12-month high of $56.83. The business's 50-day moving average price is $23.26 and its 200 day moving average price is $22.34.

Cidara Therapeutics (NASDAQ:CDTX - Get Free Report) last announced its earnings results on Thursday, May 8th. The biotechnology company reported ($1.66) EPS for the quarter, beating analysts' consensus estimates of ($5.45) by $3.79. On average, sell-side analysts predict that Cidara Therapeutics will post -8.74 earnings per share for the current year.

Hedge Funds Weigh In On Cidara Therapeutics

A number of large investors have recently modified their holdings of CDTX. TCG Crossover Management LLC purchased a new stake in shares of Cidara Therapeutics in the fourth quarter valued at approximately $26,092,000. VR Adviser LLC purchased a new stake in shares of Cidara Therapeutics during the 4th quarter worth $20,583,000. Vivo Capital LLC purchased a new stake in shares of Cidara Therapeutics during the 4th quarter worth $18,026,000. Adage Capital Partners GP L.L.C. grew its stake 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 worth $21,325,000 after purchasing an additional 620,046 shares during the period. Finally, Vestal Point Capital LP purchased a new position in shares of Cidara Therapeutics in the 1st quarter valued at about $10,868,000. 35.82% of the stock is owned by hedge funds and other institutional investors.

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.