Cidara Therapeutics (NASDAQ:CDTX) PT Raised to $25.00 at Needham & Company LLC

Cidara Therapeutics (NASDAQ:CDTX) had its target price increased by stock analysts at Needham & Company LLC from $3.00 to $25.00 in a research report issued to clients and investors on Thursday, Benzinga reports. The brokerage currently has a “buy” rating on the biotechnology company’s stock. Needham & Company LLC’s price target indicates a potential upside of 93.80% from the stock’s previous close.

Several other brokerages have also weighed in on CDTX. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Cidara Therapeutics in a research report on Tuesday. HC Wainwright reaffirmed a “buy” rating and set a $120.00 price objective on shares of Cidara Therapeutics in a research report on Monday, April 8th. One analyst has rated the stock with a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $81.67.

Cidara Therapeutics Stock Performance

Shares of NASDAQ CDTX traded up $0.61 during mid-day trading on Thursday, reaching $12.90. The company had a trading volume of 725,356 shares, compared to its average volume of 47,654. The stock has a fifty day moving average of $15.37 and a two-hundred day moving average of $15.33. The company has a market capitalization of $1.18 billion, a price-to-earnings ratio of -51.38 and a beta of 0.98. Cidara Therapeutics has a 12-month low of $10.00 and a 12-month high of $29.60.

Hedge Funds Weigh In On Cidara Therapeutics

Institutional investors have recently modified their holdings of the company. Raymond James Financial Services Advisors Inc. raised its position 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 purchasing an additional 15,912 shares during the period. Flagship Harbor Advisors LLC bought a new position in shares of Cidara Therapeutics in the third quarter valued at approximately $28,000. Finally, Pale Fire Capital SE bought a new position in shares of Cidara Therapeutics in the third quarter valued at approximately $51,000. Institutional investors own 35.82% of the company’s stock.

Cidara Therapeutics Company Profile

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.