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

Cidara Therapeutics, Inc. (NASDAQ:CDTX) gapped up before the market opened 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.

Several other research firms also recently weighed in on CDTX. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Cidara Therapeutics in a research note on Tuesday. HC Wainwright reissued a “buy” rating and set a $120.00 price target on shares of Cidara Therapeutics in a research report on Monday, April 8th. One equities research analyst has rated the stock with a hold rating, three have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, Cidara Therapeutics presently has a consensus rating of “Buy” and a consensus price target of $71.25.

Hedge Funds Weigh In On Cidara Therapeutics

Several institutional investors and hedge funds have recently bought and sold shares of CDTX. Flagship Harbor Advisors LLC bought a new stake in Cidara Therapeutics in the third quarter worth about $28,000. Pale Fire Capital SE purchased a new stake in Cidara Therapeutics in the third quarter valued at about $51,000. Finally, Raymond James Financial Services Advisors Inc. raised its stake in 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 during the last quarter. 35.82% of the stock is currently owned by hedge funds and other institutional investors.

Cidara Therapeutics Stock Performance

The firm has a market capitalization of $57.59 million, a price-to-earnings ratio of -2.63 and a beta of 0.98. The firm’s 50 day simple moving average is $15.35 and its 200 day simple moving average is $15.31.

About Cidara Therapeutics

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.