Cidara Therapeutics (NASDAQ:CDTX) Stock Price Up 7.1%

Shares of Cidara Therapeutics, Inc. (NASDAQ:CDTX) shot up 7.1% during mid-day trading on Wednesday . The company traded as high as $11.34 and last traded at $10.98. 23,896 shares traded hands during mid-day trading, a decline of 33% from the average session volume of 35,403 shares. The stock had previously closed at $10.25.

Analysts Set New Price Targets

A number of brokerages recently issued reports on CDTX. Cantor Fitzgerald restated an “overweight” rating on shares of Cidara Therapeutics in a research note on Tuesday. HC Wainwright reiterated a “buy” rating and set a $120.00 price objective on shares of Cidara Therapeutics in a research note on Monday, April 8th. Needham & Company LLC lifted their price objective on Cidara Therapeutics from $3.00 to $25.00 and gave the company a “buy” rating in a research note on Thursday. Finally, WBB Securities reiterated a “strong-buy” rating and set a $40.00 price objective on shares of Cidara Therapeutics in a research note on Thursday. One investment analyst has rated the stock with a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Buy” and a consensus target price of $71.25.

Cidara Therapeutics Stock Performance

The company has a 50 day moving average of $15.35 and a two-hundred day moving average of $15.31. The stock has a market cap of $57.59 million, a PE ratio of -2.63 and a beta of 0.98.

Institutional Investors Weigh In On Cidara Therapeutics

Several institutional investors have recently bought and sold shares of the company. Raymond James Financial Services Advisors Inc. boosted its holdings in shares of Cidara Therapeutics by 25.2% during the 3rd quarter. Raymond James Financial Services Advisors Inc. now owns 79,119 shares of the biotechnology company’s stock worth $75,000 after purchasing an additional 15,912 shares during the last quarter. Flagship Harbor Advisors LLC acquired a new position in shares of Cidara Therapeutics during the 3rd quarter worth approximately $28,000. Finally, Pale Fire Capital SE acquired a new position in shares of Cidara Therapeutics during the 3rd quarter worth approximately $51,000. 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 the discovery, development, and commercialization of long-acting anti-infectives for the treatment and prevention of infectious diseases and oncology in the United States. The company's lead product candidate is 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.