WBB Securities Reaffirms “Strong-Buy” Rating for Cidara Therapeutics (NASDAQ:CDTX)

Cidara Therapeutics (NASDAQ:CDTX)‘s stock had its “strong-buy” rating reiterated by stock analysts at WBB Securities in a note issued to investors on Thursday, Benzinga reports. They currently have a $40.00 price target on the biotechnology company’s stock. WBB Securities’ price target would indicate a potential upside of 207.69% from the stock’s current price.

Several other analysts have also commented on the stock. Cantor Fitzgerald reissued an “overweight” rating on shares of Cidara Therapeutics in a research report on Tuesday. 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. Finally, Needham & Company LLC boosted their target price on Cidara Therapeutics from $3.00 to $25.00 and gave the stock a “buy” rating in a report on Thursday. One investment 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. According to MarketBeat.com, Cidara Therapeutics has a consensus rating of “Buy” and a consensus price target of $71.25.

Cidara Therapeutics Stock Performance

NASDAQ:CDTX traded up $0.71 during trading hours on Thursday, reaching $13.00. The company’s stock had a trading volume of 751,049 shares, compared to its average volume of 48,125. The stock has a 50 day moving average price of $15.37 and a two-hundred day moving average price of $15.33. The company has a market capitalization of $1.19 billion, a P/E ratio of -54.17 and a beta of 0.98. Cidara Therapeutics has a 12 month low of $10.00 and a 12 month high of $29.60.

Institutional Investors Weigh In On Cidara Therapeutics

Several institutional investors have recently added to or reduced their stakes in CDTX. Raymond James Financial Services Advisors Inc. grew its stake in shares of Cidara Therapeutics by 25.2% in 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 buying an additional 15,912 shares in the last quarter. Pale Fire Capital SE bought a new stake in Cidara Therapeutics during the third quarter worth approximately $51,000. Finally, Flagship Harbor Advisors LLC acquired a new position in Cidara Therapeutics in the 3rd quarter valued at $28,000. 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 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.