Brokerages Set Cidara Therapeutics, Inc. (NASDAQ:CDTX) Price Target at $32.20

Shares of Cidara Therapeutics, Inc. (NASDAQ:CDTX) have been given a consensus recommendation of “Buy” by the six ratings firms that are presently covering the firm, MarketBeat Ratings reports. Four analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the company. The average twelve-month price target among analysts that have issued a report on the stock in the last year is $32.20.

A number of brokerages have recently commented on CDTX. StockNews.com downgraded shares of Cidara Therapeutics from a “hold” rating to a “sell” rating in a research note on Monday, November 11th. Guggenheim began coverage on shares of Cidara Therapeutics in a research note on Friday, November 8th. They set a “buy” rating and a $33.00 price target on the stock. HC Wainwright reaffirmed a “buy” rating and set a $24.00 price target on shares of Cidara Therapeutics in a research note on Monday, November 11th. WBB Securities lifted their price target 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. Finally, Royal Bank of Canada assumed coverage on shares of Cidara Therapeutics in a research note on Friday, December 13th. They set an “outperform” rating and a $34.00 price target on the stock.

Cidara Therapeutics Stock Up 0.3 %

NASDAQ:CDTX opened at $24.00 on Friday. The company has a market cap of $169.20 million, a P/E ratio of -0.94 and a beta of 0.94. Cidara Therapeutics has a fifty-two week low of $10.00 and a fifty-two week high of $28.42. The firm’s 50 day moving average is $22.49 and its two-hundred day moving average is $16.53.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the stock. Point72 Asia Singapore Pte. Ltd. acquired a new position in shares of Cidara Therapeutics in the 4th quarter valued at about $56,000. Northern Trust Corp boosted its stake in Cidara Therapeutics by 6.8% during the 4th quarter. Northern Trust Corp now owns 33,957 shares of the biotechnology company’s stock valued at $913,000 after purchasing an additional 2,170 shares during the period. Point72 Asset Management L.P. acquired a new position in Cidara Therapeutics during the 4th quarter valued at about $165,000. Geode Capital Management LLC boosted its stake in Cidara Therapeutics by 22.7% during the 3rd quarter. Geode Capital Management LLC now owns 52,898 shares of the biotechnology company’s stock valued at $569,000 after purchasing an additional 9,771 shares during the period. Finally, OMERS ADMINISTRATION Corp acquired a new position in Cidara Therapeutics during the 4th quarter valued at about $339,000. 35.82% of the stock is owned by institutional investors and hedge funds.

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.