Cidara Therapeutics, Inc. (NASDAQ:CDTX) Receives Average Rating of “Buy” from Brokerages

Cidara Therapeutics, Inc. (NASDAQ:CDTX) has received an average rating of “Buy” from the five ratings firms that are covering the firm, MarketBeat reports. Four equities research analysts have rated the stock with a buy rating and one has issued a strong buy rating on the company. The average twelve-month target price among brokerages that have covered the stock in the last year is $30.50.

A number of analysts have recently weighed in on CDTX shares. StockNews.com downgraded shares of Cidara Therapeutics from a “hold” rating to a “sell” rating in a research report on Monday. Needham & Company LLC reissued a “buy” rating and set a $25.00 price objective on shares of Cidara Therapeutics in a research note on Wednesday, August 14th. Guggenheim started coverage on shares of Cidara Therapeutics in a report on Friday, November 8th. They set a “buy” rating and a $33.00 target price for the company. HC Wainwright reaffirmed a “buy” rating and set a $24.00 price objective on shares of Cidara Therapeutics in a research report on Monday. Finally, Cantor Fitzgerald reiterated an “overweight” rating on shares of Cidara Therapeutics in a research note on Wednesday, August 14th.

Cidara Therapeutics Trading Up 4.2 %

NASDAQ:CDTX opened at $14.48 on Friday. The company has a 50-day moving average price of $11.73 and a 200-day moving average price of $12.10. The stock has a market cap of $102.04 million, a price-to-earnings ratio of -0.57 and a beta of 0.99. Cidara Therapeutics has a 12 month low of $10.00 and a 12 month high of $24.40.

Cidara Therapeutics (NASDAQ:CDTX) last issued its quarterly earnings data on Tuesday, August 13th. The biotechnology company reported ($2.05) EPS for the quarter, topping the consensus estimate of ($3.94) by $1.89. Cidara Therapeutics had a negative net margin of 289.05% and a negative return on equity of 69.64%. The business had revenue of $0.30 million during the quarter. Equities analysts forecast that Cidara Therapeutics will post -12.06 EPS for the current fiscal year.

Institutional Investors Weigh In On Cidara Therapeutics

A hedge fund recently raised its stake in Cidara Therapeutics stock. Tocqueville Asset Management L.P. grew its holdings in Cidara Therapeutics, Inc. (NASDAQ:CDTX) by 71.6% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 163,000 shares of the biotechnology company’s stock after purchasing an additional 68,000 shares during the period. Tocqueville Asset Management L.P. owned about 3.57% of Cidara Therapeutics worth $150,000 as of its most recent SEC filing. 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.