Cidara Therapeutics (NASDAQ:CDTX) Now Covered by Royal Bank of Canada

Royal Bank of Canada assumed coverage on shares of Cidara Therapeutics (NASDAQ:CDTX) in a research note issued on Friday, MarketBeat Ratings reports. The firm set an “outperform” rating and a $34.00 price target on the biotechnology company’s stock. Royal Bank of Canada’s target price suggests a potential upside of 48.60% from the company’s current price.

Several other research firms have also recently commented on CDTX. StockNews.com cut shares of Cidara Therapeutics from a “hold” rating to a “sell” rating in a research report on Monday, November 11th. WBB Securities boosted their price objective on shares of Cidara Therapeutics from $40.00 to $45.00 and gave the company a “strong-buy” rating in a research report on Thursday, December 5th. HC Wainwright reaffirmed a “buy” rating and issued a $24.00 price objective on shares of Cidara Therapeutics in a research report on Monday, November 11th. Finally, Guggenheim started coverage on shares of Cidara Therapeutics in a research report on Friday, November 8th. They issued a “buy” rating and a $33.00 price objective on the stock. One analyst has rated the stock with a sell rating, five have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $32.20.

Cidara Therapeutics Stock Up 5.7 %

Shares of CDTX stock opened at $22.88 on Friday. The firm has a market capitalization of $161.30 million, a price-to-earnings ratio of -0.90 and a beta of 1.13. Cidara Therapeutics has a 12-month low of $10.00 and a 12-month high of $24.40. The firm has a fifty day moving average of $15.19 and a 200-day moving average of $13.15.

Institutional Investors Weigh In On Cidara Therapeutics

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Geode Capital Management LLC lifted its position in Cidara Therapeutics by 22.7% during the 3rd quarter. Geode Capital Management LLC now owns 52,898 shares of the biotechnology company’s stock worth $569,000 after buying an additional 9,771 shares in the last quarter. RA Capital Management L.P. bought a new stake in Cidara Therapeutics during the 3rd quarter worth about $7,558,000. Finally, Checkpoint Capital L.P. lifted its position in Cidara Therapeutics by 25.5% during the 3rd quarter. Checkpoint Capital L.P. now owns 182,426 shares of the biotechnology company’s stock worth $1,961,000 after buying an additional 37,009 shares in the last quarter. 35.82% of the stock is owned by 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.