Cidara Therapeutics (NASDAQ:CDTX) Shares Gap Down – What’s Next?

Cidara Therapeutics, Inc. (NASDAQ:CDTX) gapped down prior to trading on Wednesday . The stock had previously closed at $46.84, but opened at $43.68. Cidara Therapeutics shares last traded at $48.80, with a volume of 712,537 shares trading hands.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on the stock. HC Wainwright restated a “buy” rating and issued a $53.00 price objective (up previously from $41.00) on shares of Cidara Therapeutics in a research note on Monday. Citigroup initiated coverage on shares of Cidara Therapeutics in a research note on Wednesday, March 12th. They issued an “outperform” rating on the stock. Cantor Fitzgerald restated an “overweight” rating on shares of Cidara Therapeutics in a research note on Tuesday, June 10th. Citizens Jmp began coverage on Cidara Therapeutics in a research note on Wednesday, March 12th. They issued an “outperform” rating and a $46.00 price objective on the stock. Finally, Guggenheim set a $68.00 target price on Cidara Therapeutics and gave the stock a “buy” rating in a report on Tuesday. One research analyst has rated the stock with a sell rating, eight have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $55.43.

Cidara Therapeutics Stock Performance

The stock has a market cap of $602.78 million, a price-to-earnings ratio of -1.63 and a beta of 0.79. The business has a 50-day simple moving average of $24.44 and a two-hundred day simple moving average of $22.70.

Cidara Therapeutics (NASDAQ:CDTX) last released 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 expect that Cidara Therapeutics, Inc. will post -8.74 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Cidara Therapeutics

Institutional investors have recently made changes to their positions in the company. Point72 Asia Singapore Pte. Ltd. bought a new position in Cidara Therapeutics during the 4th quarter worth $56,000. Point72 Asset Management L.P. bought a new stake in shares of Cidara Therapeutics in the fourth quarter valued at about $165,000. American Century Companies Inc. acquired a new position in shares of Cidara Therapeutics in the first quarter valued at about $224,000. West Michigan Advisors LLC acquired a new position in shares of Cidara Therapeutics in the first quarter valued at about $291,000. Finally, OMERS ADMINISTRATION Corp bought a new position in Cidara Therapeutics during the fourth quarter worth about $339,000. Institutional investors own 35.82% of the company’s stock.

Cidara Therapeutics Company Profile

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.