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

Shares of 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 trading hands.

Several other equities analysts have also issued reports on the stock. Cantor Fitzgerald reissued an “overweight” rating on shares of Cidara Therapeutics in a report on Tuesday. HC Wainwright reissued a “buy” rating and set a $120.00 price objective on shares of Cidara Therapeutics in a report on Monday, April 8th. One investment analyst has rated the stock with a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Buy” and an average target price of $71.25.

Hedge Funds Weigh In On Cidara Therapeutics

Several institutional investors and hedge funds have recently bought and sold shares of CDTX. Pale Fire Capital SE purchased a new stake in shares of Cidara Therapeutics during the third quarter valued at $51,000. Flagship Harbor Advisors LLC purchased a new stake in shares of Cidara Therapeutics during the third quarter valued at $28,000. Finally, Raymond James Financial Services Advisors Inc. grew 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 buying an additional 15,912 shares during the last quarter. 35.82% of the stock is owned by hedge funds and other institutional investors.

Cidara Therapeutics Price Performance

The stock has a market capitalization of $1.19 billion, a PE ratio of -54.17 and a beta of 0.98. The business’s fifty day moving average price is $15.37 and its two-hundred day moving average price is $15.33.

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.