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

Analysts at Royal Bank of Canada started coverage on shares of Cidara Therapeutics (NASDAQ:CDTX - Get Free Report) in a research note issued on Friday, MarketBeat Ratings reports. The brokerage 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 53.15% from the company's current price.

Several other equities research analysts also recently issued reports on the stock. Guggenheim assumed coverage on shares of Cidara Therapeutics in a research note on Friday, November 8th. They issued a "buy" rating and a $33.00 target price for the company. WBB Securities raised their price objective on 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 reissued a "buy" rating and set a $24.00 target price on shares of Cidara Therapeutics in a report on Monday, November 11th. Finally, StockNews.com downgraded Cidara Therapeutics from a "hold" rating to a "sell" rating in a report on Monday, November 11th. One equities research analyst has rated the stock with a sell rating, five have issued a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $32.20.

Cidara Therapeutics Price Performance

NASDAQ CDTX traded up $0.56 on Friday, hitting $22.20. 84,351 shares of the stock were exchanged, compared to its average volume of 42,052. The company has a market capitalization of $156.51 million, a PE ratio of -0.93 and a beta of 1.13. The business's fifty day moving average is $14.95 and its 200 day moving average is $13.07. Cidara Therapeutics has a 52 week low of $10.00 and a 52 week high of $24.40.

Institutional Investors Weigh In On Cidara Therapeutics

A number of institutional investors have recently modified their holdings of CDTX. RA Capital Management L.P. bought a new stake in shares of Cidara Therapeutics in the third quarter valued at approximately $7,558,000. Checkpoint Capital L.P. lifted its position in shares of Cidara Therapeutics by 25.5% during the 3rd quarter. Checkpoint Capital L.P. now owns 182,426 shares of the biotechnology company's stock valued at $1,961,000 after acquiring an additional 37,009 shares during the period. Finally, Geode Capital Management LLC grew its holdings in shares of 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 purchasing an additional 9,771 shares in the last quarter. Institutional investors own 35.82% of the company's stock.

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.