Cidara Therapeutics (NASDAQ:CDTX) Now Covered by Citizens Jmp

Citizens Jmp initiated coverage on shares of Cidara Therapeutics (NASDAQ:CDTX) in a research note issued to investors on Wednesday morning, MarketBeat reports. The firm issued an outperform rating and a $46.00 price target on the biotechnology company’s stock.

Several other brokerages have also issued reports on CDTX. Needham & Company LLC reissued a “buy” rating and issued a $35.00 price target on shares of Cidara Therapeutics in a report on Friday, March 7th. Royal Bank of Canada started coverage on shares of Cidara Therapeutics in a research note on Friday, December 13th. They issued an “outperform” rating and a $34.00 target price for the company. WBB Securities upped their target price on shares of Cidara Therapeutics from $40.00 to $45.00 and gave the stock a “strong-buy” rating in a research note on Thursday, December 5th. HC Wainwright upped their target price on shares of Cidara Therapeutics from $24.00 to $35.00 and gave the stock a “buy” rating in a research note on Monday. Finally, Cantor Fitzgerald raised shares of Cidara Therapeutics to a “strong-buy” rating in a research note on Wednesday, February 5th. One research analyst has rated the stock with a sell rating, six have issued a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Buy” and an average target price of $39.14.

Cidara Therapeutics Stock Up 9.5 %

Shares of CDTX stock opened at $23.00 on Wednesday. Cidara Therapeutics has a 12-month low of $10.00 and a 12-month high of $28.42. The firm has a market capitalization of $162.08 million, a price-to-earnings ratio of -0.90 and a beta of 0.88. The firm has a fifty day moving average of $22.35 and a 200-day moving average of $17.64.

Cidara Therapeutics (NASDAQ:CDTX) last announced its quarterly earnings results on Thursday, March 6th. The biotechnology company reported ($5.38) earnings per share (EPS) for the quarter, missing the consensus estimate of ($5.28) by ($0.10). Cidara Therapeutics had a negative net margin of 289.05% and a negative return on equity of 69.64%. Research analysts expect that Cidara Therapeutics will post -8.74 earnings per share for the current year.

Hedge Funds Weigh In On Cidara Therapeutics

A number of large investors have recently modified their holdings of CDTX. TCG Crossover Management LLC acquired a new position in shares of Cidara Therapeutics during the 4th quarter worth about $26,092,000. VR Adviser LLC acquired a new position in shares of Cidara Therapeutics during the 4th quarter worth about $20,583,000. RA Capital Management L.P. acquired a new position in shares of Cidara Therapeutics during the 3rd quarter worth about $7,558,000. Vivo Capital LLC acquired a new position in shares of Cidara Therapeutics during the 4th quarter worth about $18,026,000. Finally, BVF Inc. IL raised its holdings in shares of Cidara Therapeutics by 55.4% in the 4th quarter. BVF Inc. IL now owns 1,092,796 shares of the biotechnology company’s stock valued at $29,374,000 after purchasing an additional 389,731 shares during the period. 35.82% of the stock is currently owned by institutional investors and hedge funds.

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.