Cidara Therapeutics (NASDAQ:CDTX) Price Target Raised to $68.00 at Guggenheim

Cidara Therapeutics (NASDAQ:CDTX) had its price target lifted by equities research analysts at Guggenheim from $50.00 to $68.00 in a research note issued to investors on Tuesday,Benzinga reports. The firm presently has a “buy” rating on the biotechnology company’s stock. Guggenheim’s price target would indicate a potential upside of 51.28% from the stock’s previous close.

CDTX has been the topic of several other reports. JMP Securities reissued a “market outperform” rating and set a $47.00 price target on shares of Cidara Therapeutics in a research report on Monday, June 2nd. Citizens Jmp assumed coverage on Cidara Therapeutics in a research note on Wednesday, March 12th. They issued an “outperform” rating and a $46.00 price target for the company. Royal Bank Of Canada reiterated an “outperform” rating and set a $35.00 price objective (up previously from $31.00) on shares of Cidara Therapeutics in a research note on Friday, May 23rd. Cantor Fitzgerald reissued an “overweight” rating on shares of Cidara Therapeutics in a research note on Tuesday, June 10th. Finally, HC Wainwright upgraded shares of Cidara Therapeutics to a “buy” rating and set a $41.00 target price on the stock in a report on Wednesday, June 18th. One analyst has rated the stock with a sell rating, eight have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $48.00.

Cidara Therapeutics Trading Up 113.8%

CDTX stock opened at $44.95 on Tuesday. The stock has a 50-day moving average price of $22.73 and a two-hundred day moving average price of $22.17. Cidara Therapeutics has a 1 year low of $10.14 and a 1 year high of $51.60. The stock has a market cap of $564.12 million, a PE ratio of -1.53 and a beta of 0.79.

Cidara Therapeutics (NASDAQ:CDTX) last announced its earnings results on Thursday, May 8th. The biotechnology company reported ($1.66) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($5.45) by $3.79. On average, analysts forecast that Cidara Therapeutics will post -8.74 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Cidara Therapeutics

Institutional investors and hedge funds have recently modified their holdings of the stock. Point72 Asia Singapore Pte. Ltd. bought a new stake in shares of Cidara Therapeutics during the 4th quarter worth about $56,000. Point72 Asset Management L.P. bought a new position in shares of Cidara Therapeutics during the fourth quarter worth approximately $165,000. American Century Companies Inc. acquired a new stake in Cidara Therapeutics during the 1st quarter worth approximately $224,000. West Michigan Advisors LLC acquired a new stake in Cidara Therapeutics during the 1st quarter worth approximately $291,000. Finally, OMERS ADMINISTRATION Corp bought a new stake in Cidara Therapeutics in the 4th quarter valued at $339,000. 35.82% of the stock is currently 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.