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

Shares of Cidara Therapeutics, Inc. (NASDAQ:CDTX) gapped up prior to trading 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 trading hands.

A number of other brokerages have also commented on CDTX. HC Wainwright reiterated a “buy” rating and issued a $120.00 price objective on shares of Cidara Therapeutics in a report on Monday, April 8th. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Cidara Therapeutics in a research report on Tuesday. One analyst has rated the stock with a hold rating, three have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, Cidara Therapeutics has a consensus rating of “Buy” and a consensus price target of $71.25.

Institutional Investors Weigh In On Cidara Therapeutics

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Flagship Harbor Advisors LLC acquired a new position in Cidara Therapeutics in the third quarter worth about $28,000. Raymond James Financial Services Advisors Inc. grew its position 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 stake in shares of Cidara Therapeutics in the 3rd quarter valued at approximately $51,000. Institutional investors own 35.82% of the company’s stock.

Cidara Therapeutics Trading Up 5.8 %

The company has a 50-day moving average of $15.37 and a 200-day moving average of $15.33. The firm has a market capitalization of $1.19 billion, a price-to-earnings ratio of -54.17 and a beta of 0.98.

Cidara Therapeutics Company Profile

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.