Royal Bank Of Canada Issues Positive Forecast for Cidara Therapeutics (NASDAQ:CDTX) Stock Price

Cidara Therapeutics (NASDAQ:CDTX) had its price objective lifted by research analysts at Royal Bank Of Canada from $137.00 to $145.00 in a research note issued to investors on Friday,Benzinga reports. The firm presently has an “outperform” rating on the biotechnology company’s stock. Royal Bank Of Canada’s price target would indicate a potential upside of 38.90% from the stock’s current price.

CDTX has been the topic of a number of other research reports. JMP Securities set a $173.00 price target on Cidara Therapeutics and gave the stock a “market outperform” rating in a research report on Friday, October 3rd. Citigroup reaffirmed a “market outperform” rating on shares of Cidara Therapeutics in a research note on Tuesday, October 21st. Needham & Company LLC upped their price objective on shares of Cidara Therapeutics from $100.00 to $135.00 and gave the stock a “buy” rating in a research note on Friday. Morgan Stanley started coverage on shares of Cidara Therapeutics in a research report on Thursday, October 16th. They set an “overweight” rating and a $190.00 target price on the stock. Finally, WBB Securities boosted their price target on shares of Cidara Therapeutics from $123.00 to $199.00 and gave the company a “strong-buy” rating in a report on Thursday, October 9th. One equities research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $156.11.

Cidara Therapeutics Stock Performance

Cidara Therapeutics stock traded up $5.75 during trading hours on Friday, hitting $104.39. The company had a trading volume of 955,012 shares, compared to its average volume of 516,844. The company has a 50-day moving average price of $88.38 and a two-hundred day moving average price of $57.43. Cidara Therapeutics has a 1 year low of $12.89 and a 1 year high of $121.21. The firm has a market cap of $2.65 billion, a P/E ratio of -9.38 and a beta of 1.32.

Cidara Therapeutics (NASDAQ:CDTX) last announced its quarterly earnings results on Thursday, November 6th. The biotechnology company reported ($1.43) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.19) by ($0.24). As a group, equities research analysts anticipate that Cidara Therapeutics will post -8.74 EPS for the current year.

Insiders Place Their Bets

In related news, insider Nicole Negar Davarpanah sold 474 shares of the company’s stock in a transaction that occurred on Thursday, September 11th. The stock was sold at an average price of $62.86, for a total value of $29,795.64. Following the sale, the insider owned 31,418 shares in the company, valued at $1,974,935.48. This represents a 1.49% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 3.89% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of CDTX. Amalgamated Bank acquired a new position in shares of Cidara Therapeutics in the 2nd quarter valued at $28,000. Trifecta Capital Advisors LLC purchased a new position in Cidara Therapeutics in the second quarter valued at $49,000. California State Teachers Retirement System purchased a new position in Cidara Therapeutics in the second quarter valued at $51,000. Legal & General Group Plc acquired a new position in shares of Cidara Therapeutics in the second quarter worth about $73,000. Finally, Tower Research Capital LLC TRC boosted its stake in shares of Cidara Therapeutics by 66.8% during the 2nd quarter. Tower Research Capital LLC TRC now owns 1,556 shares of the biotechnology company’s stock worth $76,000 after acquiring an additional 623 shares in the last quarter. 35.82% of the stock is 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.