Guggenheim Reiterates $68.00 Price Target for Cidara Therapeutics (NASDAQ:CDTX)

Cidara Therapeutics (NASDAQ:CDTX) has been assigned a $68.00 target price by investment analysts at Guggenheim in a report issued on Tuesday, MarketBeat Ratings reports. The brokerage currently has a “buy” rating on the biotechnology company’s stock. Guggenheim’s price objective indicates a potential upside of 37.85% from the company’s current price.

Several other equities analysts also recently issued reports on the stock. Royal Bank Of Canada reaffirmed an “outperform” rating and set a $35.00 price objective (up from $31.00) on shares of Cidara Therapeutics in a report on Friday, May 23rd. Wall Street Zen raised shares of Cidara Therapeutics to a “sell” rating in a research note on Saturday, May 10th. JMP Securities reaffirmed a “market outperform” rating and issued a $47.00 price target on shares of Cidara Therapeutics in a research note on Monday, June 2nd. Citigroup started coverage on shares of Cidara Therapeutics in a research note on Wednesday, March 12th. They issued an “outperform” rating on the stock. Finally, Needham & Company LLC raised their target price on Cidara Therapeutics from $36.00 to $54.00 and gave the company a “buy” rating in a research report on Monday. One research analyst has rated the stock with a sell rating, seven have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $53.71.

Cidara Therapeutics Stock Up 5.3%

CDTX stock opened at $49.33 on Tuesday. The company’s 50-day simple moving average is $23.87 and its 200-day simple moving average is $22.53. Cidara Therapeutics has a 52-week low of $10.14 and a 52-week high of $56.83. The firm has a market cap of $619.09 million, a P/E ratio of -1.67 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 (EPS) for the quarter, topping analysts’ consensus estimates of ($5.45) by $3.79. On average, analysts anticipate that Cidara Therapeutics will post -8.74 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the business. Point72 Asia Singapore Pte. Ltd. purchased a new position in Cidara Therapeutics in the 4th quarter worth approximately $56,000. Northern Trust Corp lifted its position in Cidara Therapeutics by 6.8% during 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 in the last quarter. Point72 Asset Management L.P. purchased a new position in Cidara Therapeutics during the fourth quarter worth approximately $165,000. OMERS ADMINISTRATION Corp lifted its position in Cidara Therapeutics by 53.2% during the first quarter. OMERS ADMINISTRATION Corp now owns 19,300 shares of the biotechnology company’s stock worth $416,000 after buying an additional 6,700 shares in the last quarter. Finally, American Century Companies Inc. purchased a new position in Cidara Therapeutics during the first quarter worth approximately $224,000. 35.82% of the stock is 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.