HC Wainwright Issues Positive Forecast for Cidara Therapeutics (NASDAQ:CDTX) Stock Price

Cidara Therapeutics (NASDAQ:CDTX) had its price target lifted by analysts at HC Wainwright from $24.00 to $35.00 in a research note issued to investors on Monday,Benzinga reports. The brokerage presently has a “buy” rating on the biotechnology company’s stock. HC Wainwright’s price target would indicate a potential upside of 47.93% from the stock’s current price.

Several other analysts have also recently weighed in on the stock. WBB Securities lifted 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. Royal Bank of Canada initiated coverage on shares of Cidara Therapeutics in a research note on Friday, December 13th. They set an “outperform” rating and a $34.00 target price on the stock. StockNews.com downgraded shares of Cidara Therapeutics from a “hold” rating to a “sell” rating in a research note on Monday, November 11th. Cantor Fitzgerald raised Cidara Therapeutics to a “strong-buy” rating in a research report on Wednesday, February 5th. Finally, Needham & Company LLC reissued a “buy” rating and issued a $35.00 target price on shares of Cidara Therapeutics in a research report on Friday. One analyst has rated the stock with a sell rating, four have given a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat.com, Cidara Therapeutics has a consensus rating of “Buy” and an average target price of $36.40.

Cidara Therapeutics Stock Up 0.2 %

Shares of CDTX opened at $23.66 on Monday. The stock has a market capitalization of $166.73 million, a P/E ratio of -0.93 and a beta of 0.88. Cidara Therapeutics has a twelve month low of $10.00 and a twelve month high of $28.42. The firm has a fifty day simple moving average of $22.52 and a two-hundred day simple moving average of $17.51.

Cidara Therapeutics (NASDAQ:CDTX) last released its quarterly earnings results on Thursday, March 6th. The biotechnology company reported ($5.38) EPS for the quarter, missing analysts’ consensus estimates 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%. Sell-side analysts expect that Cidara Therapeutics will post -8.74 EPS for the current fiscal year.

Hedge Funds Weigh In On Cidara Therapeutics

Large investors have recently made changes to their positions in the business. Point72 Asia Singapore Pte. Ltd. bought a new position in Cidara Therapeutics during the 4th quarter valued at approximately $56,000. Point72 Asset Management L.P. purchased a new stake in shares of Cidara Therapeutics in the fourth quarter worth $165,000. OMERS ADMINISTRATION Corp bought a new position in shares of Cidara Therapeutics during the fourth quarter valued at $339,000. Jane Street Group LLC purchased a new position in shares of Cidara Therapeutics in the 4th quarter worth about $342,000. Finally, Boothbay Fund Management LLC bought a new position in Cidara Therapeutics in the 4th quarter worth about $419,000. 35.82% of the stock is currently owned by hedge funds and other institutional investors.

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.