Cidara Therapeutics (NASDAQ:CDTX) Given Overweight Rating at Cantor Fitzgerald

Cidara Therapeutics (NASDAQ:CDTX)‘s stock had its “overweight” rating restated by investment analysts at Cantor Fitzgerald in a report released on Tuesday,Benzinga reports.

Several other research firms have also commented on CDTX. HC Wainwright upped their price target on shares of Cidara Therapeutics from $24.00 to $35.00 and gave the stock a “buy” rating in a research report on Monday, March 10th. Needham & Company LLC lifted their price target on Cidara Therapeutics from $35.00 to $36.00 and gave the company a “buy” rating in a report on Wednesday, June 4th. Royal Bank of Canada reissued an “outperform” rating and issued a $35.00 price target (up previously from $31.00) on shares of Cidara Therapeutics in a research note on Friday, May 23rd. Guggenheim increased their target price on shares of Cidara Therapeutics from $35.00 to $50.00 and gave the company a “buy” rating in a research report on Friday, May 16th. Finally, JMP Securities reissued a “market outperform” rating and set a $47.00 target price on shares of Cidara Therapeutics in a research note on Monday, June 2nd. One research analyst has rated the stock with a sell rating, eight have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $42.00.

Cidara Therapeutics Stock Up 1.6%

Shares of NASDAQ CDTX traded up $0.40 during midday trading on Tuesday, hitting $25.78. The stock had a trading volume of 35,469 shares, compared to its average volume of 142,507. Cidara Therapeutics has a 1-year low of $10.14 and a 1-year high of $28.42. The company has a fifty day moving average price of $21.16 and a 200 day moving average price of $21.80. The company has a market capitalization of $323.46 million, a price-to-earnings ratio of -1.01 and a beta of 0.79.

Cidara Therapeutics (NASDAQ:CDTX) last issued its quarterly earnings results on Thursday, May 8th. The biotechnology company reported ($1.66) earnings per share for the quarter, beating analysts’ consensus estimates of ($5.45) by $3.79. Cidara Therapeutics had a negative return on equity of 69.64% and a negative net margin of 289.05%. On average, research analysts forecast that Cidara Therapeutics will post -8.74 EPS for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the business. ADAR1 Capital Management LLC bought a new stake in shares of Cidara Therapeutics during the 4th quarter worth about $670,000. Vivo Capital LLC bought a new stake in Cidara Therapeutics during the fourth quarter worth approximately $18,026,000. Adage Capital Partners GP L.L.C. grew its holdings in Cidara Therapeutics by 765.3% during the fourth quarter. Adage Capital Partners GP L.L.C. now owns 369,954 shares of the biotechnology company’s stock valued at $9,944,000 after purchasing an additional 327,199 shares during the last quarter. Boothbay Fund Management LLC bought a new position in shares of Cidara Therapeutics in the fourth quarter valued at approximately $419,000. Finally, Northern Trust Corp lifted its stake in shares of Cidara Therapeutics by 6.8% in the fourth quarter. Northern Trust Corp now owns 33,957 shares of the biotechnology company’s stock worth $913,000 after buying an additional 2,170 shares during the last quarter. Institutional investors and hedge funds own 35.82% of the company’s stock.

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.