Cidara Therapeutics (NASDAQ:CDTX) Coverage Initiated at Royal Bank of Canada

Royal Bank of Canada started coverage on shares of Cidara Therapeutics (NASDAQ:CDTX) in a research note issued to investors on Friday, Marketbeat.com 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 48.60% from the stock’s current price.

A number of other research analysts have also recently issued reports on CDTX. Guggenheim assumed coverage on shares of Cidara Therapeutics in a research note on Friday, November 8th. They issued a “buy” rating and a $33.00 target price for the company. StockNews.com lowered shares of Cidara Therapeutics from a “hold” rating to a “sell” rating in a report on Monday, November 11th. WBB Securities raised their price target on shares of Cidara Therapeutics from $40.00 to $45.00 and gave the company a “strong-buy” rating in a report on Thursday, December 5th. Finally, HC Wainwright reissued a “buy” rating and issued a $24.00 price target on shares of Cidara Therapeutics in a report on Monday, November 11th. One equities research analyst has rated the stock with a sell rating, five have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, Cidara Therapeutics has an average rating of “Moderate Buy” and an average price target of $32.20.

Cidara Therapeutics Trading Up 5.7 %

NASDAQ:CDTX opened at $22.88 on Friday. Cidara Therapeutics has a 1 year low of $10.00 and a 1 year high of $24.40. The firm has a 50 day moving average of $15.19 and a 200-day moving average of $13.15. The stock has a market capitalization of $161.30 million, a P/E ratio of -0.90 and a beta of 1.13.

Institutional Trading of Cidara Therapeutics

Institutional investors have recently bought and sold shares of the business. Geode Capital Management LLC grew its holdings 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 worth $569,000 after acquiring an additional 9,771 shares during the period. Checkpoint Capital L.P. grew its holdings in Cidara Therapeutics by 25.5% during the 3rd quarter. Checkpoint Capital L.P. now owns 182,426 shares of the biotechnology company’s stock worth $1,961,000 after acquiring an additional 37,009 shares during the period. Finally, RA Capital Management L.P. acquired a new stake in Cidara Therapeutics during the 3rd quarter worth $7,558,000. Institutional investors and hedge funds own 35.82% of the company’s stock.

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.