Cidara Therapeutics, Inc. (NASDAQ:CDTX) Receives Average Rating of “Buy” from Brokerages

Shares of Cidara Therapeutics, Inc. (NASDAQ:CDTX) have received an average rating of “Buy” from the six brokerages that are currently covering the firm, MarketBeat Ratings reports. Five equities research analysts have rated the stock with a buy rating and one has issued a strong buy rating on the company. The average twelve-month target price among brokerages that have updated their coverage on the stock in the last year is $32.20.

A number of brokerages recently issued reports on CDTX. Guggenheim assumed coverage on Cidara Therapeutics in a research note on Friday, November 8th. They issued a “buy” rating and a $33.00 price objective on the stock. StockNews.com lowered shares of Cidara Therapeutics from a “hold” rating to a “sell” rating in a research report on Monday, November 11th. WBB Securities raised their price objective on shares of Cidara Therapeutics from $40.00 to $45.00 and gave the stock a “strong-buy” rating in a report on Thursday, December 5th. HC Wainwright reissued a “buy” rating and set a $24.00 target price on shares of Cidara Therapeutics in a report on Monday, November 11th. Finally, Royal Bank of Canada initiated coverage on Cidara Therapeutics in a report on Friday, December 13th. They issued an “outperform” rating and a $34.00 price target for the company.

Cidara Therapeutics Price Performance

NASDAQ:CDTX opened at $23.69 on Friday. Cidara Therapeutics has a 1 year low of $10.00 and a 1 year high of $24.99. The business has a fifty day simple moving average of $17.39 and a two-hundred day simple moving average of $13.79. The company has a market capitalization of $166.94 million, a P/E ratio of -0.93 and a beta of 1.13.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. Geode Capital Management LLC grew its position in Cidara Therapeutics by 22.7% during the third quarter. Geode Capital Management LLC now owns 52,898 shares of the biotechnology company’s stock worth $569,000 after buying an additional 9,771 shares in the last quarter. RA Capital Management L.P. bought a new stake in shares of Cidara Therapeutics during the 3rd quarter valued at about $7,558,000. Finally, Checkpoint Capital L.P. grew its holdings in shares of Cidara Therapeutics by 25.5% during the third quarter. Checkpoint Capital L.P. now owns 182,426 shares of the biotechnology company’s stock worth $1,961,000 after purchasing an additional 37,009 shares in the last quarter. Institutional investors own 35.82% of the company’s stock.

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.