Cidara Therapeutics (NASDAQ:CDTX) Now Covered by Analysts at Royal Bank of Canada

Research analysts at Royal Bank of Canada initiated coverage on shares of Cidara Therapeutics (NASDAQ:CDTX) in a research report issued on Friday,Briefing.com Automated Import reports. The brokerage set an “outperform” rating and a $34.00 price target on the biotechnology company’s stock. Royal Bank of Canada’s price objective points to a potential upside of 57.12% from the company’s current price.

A number of other research analysts have also recently commented on CDTX. StockNews.com cut Cidara Therapeutics from a “hold” rating to a “sell” rating in a research note on Monday, November 11th. WBB Securities upped their target price on Cidara Therapeutics from $40.00 to $45.00 and gave the company a “strong-buy” rating in a research note on Thursday, December 5th. HC Wainwright reissued a “buy” rating and issued a $24.00 price objective on shares of Cidara Therapeutics in a research note on Monday, November 11th. Finally, 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. One analyst has rated the stock with a sell rating, five have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, Cidara Therapeutics currently has a consensus rating of “Moderate Buy” and a consensus price target of $32.20.

Cidara Therapeutics Stock Performance

CDTX opened at $21.64 on Friday. The stock has a market cap of $152.56 million, a price-to-earnings ratio of -0.85 and a beta of 1.13. The stock’s 50 day moving average price is $14.95 and its 200-day moving average price is $13.07. Cidara Therapeutics has a one year low of $10.00 and a one year high of $24.40.

Institutional Trading of Cidara Therapeutics

Hedge funds have recently bought and sold shares of the stock. RA Capital Management L.P. purchased a new stake in Cidara Therapeutics during the third quarter worth $7,558,000. Checkpoint Capital L.P. lifted its holdings in 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 buying an additional 37,009 shares during the period. Finally, Geode Capital Management LLC lifted its holdings 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 during the period. Hedge funds and other institutional investors own 35.82% of the company’s stock.

About Cidara Therapeutics

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.