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

Cidara Therapeutics, Inc. (NASDAQ:CDTX) shares 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 changing hands.

CDTX has been the subject of several other reports. HC Wainwright reaffirmed a “buy” rating and set a $120.00 target price on shares of Cidara Therapeutics in a report on Monday, April 8th. Cantor Fitzgerald reiterated an “overweight” rating on shares of Cidara Therapeutics in a research report on Tuesday. One investment analyst has rated the stock with a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Buy” and an average price target of $71.25.

Hedge Funds Weigh In On Cidara Therapeutics

Large investors have recently modified their holdings of the stock. Pale Fire Capital SE acquired a new position in Cidara Therapeutics in the 3rd quarter valued at about $51,000. Raymond James Financial Services Advisors Inc. lifted its holdings in shares of Cidara Therapeutics by 25.2% during the third quarter. Raymond James Financial Services Advisors Inc. now owns 79,119 shares of the biotechnology company’s stock valued at $75,000 after purchasing an additional 15,912 shares during the last quarter. Finally, Flagship Harbor Advisors LLC acquired a new stake in shares of Cidara Therapeutics in the third quarter worth $28,000. Institutional investors own 35.82% of the company’s stock.

Cidara Therapeutics Stock Performance

The firm has a market capitalization of $57.59 million, a P/E ratio of -2.63 and a beta of 0.98. The stock has a 50-day moving average of $15.35 and a 200 day moving average of $15.31.

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.