Cidara Therapeutics (NASDAQ:CDTX) Earns Outperform Rating from Analysts at Royal Bank of Canada

Royal Bank of Canada began coverage on shares of Cidara Therapeutics (NASDAQ:CDTX) in a research note released on Friday morning, Marketbeat.com reports. The brokerage issued an outperform rating and a $34.00 price objective on the biotechnology company’s stock.

Several other equities analysts also recently weighed in on CDTX. Guggenheim assumed coverage on shares of Cidara Therapeutics in a report on Friday, November 8th. They set a “buy” rating and a $33.00 target price for the company. HC Wainwright reissued a “buy” rating and set a $24.00 price objective on shares of Cidara Therapeutics in a research note on Monday, November 11th. StockNews.com lowered Cidara Therapeutics from a “hold” rating to a “sell” rating in a research note on Monday, November 11th. Finally, WBB Securities raised their price target on Cidara Therapeutics from $40.00 to $45.00 and gave the stock a “strong-buy” rating in a research report on Thursday, December 5th. One equities research analyst has rated the stock with a sell rating, five have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $32.20.

Cidara Therapeutics Stock Performance

CDTX opened at $22.88 on Friday. The company has a market cap of $161.30 million, a price-to-earnings ratio of -0.90 and a beta of 1.13. Cidara Therapeutics has a one year low of $10.00 and a one year high of $24.40. The business’s fifty day moving average is $15.19 and its two-hundred day moving average is $13.16.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the business. Geode Capital Management LLC grew its position in shares of Cidara Therapeutics by 22.7% in the third quarter. Geode Capital Management LLC now owns 52,898 shares of the biotechnology company’s stock valued at $569,000 after purchasing an additional 9,771 shares during the period. Checkpoint Capital L.P. boosted its stake in Cidara Therapeutics by 25.5% in the 3rd quarter. Checkpoint Capital L.P. now owns 182,426 shares of the biotechnology company’s stock worth $1,961,000 after buying an additional 37,009 shares during the last quarter. Finally, RA Capital Management L.P. purchased a new stake in Cidara Therapeutics in the 3rd quarter valued at about $7,558,000. 35.82% of the stock is currently owned by institutional investors and hedge funds.

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.