Guggenheim Begins Coverage on Cidara Therapeutics (NASDAQ:CDTX)

Stock analysts at Guggenheim started coverage on shares of Cidara Therapeutics (NASDAQ:CDTX) in a research note issued to investors on Friday, Marketbeat.com reports. The brokerage set a “buy” rating and a $33.00 price target on the biotechnology company’s stock. Guggenheim’s price target indicates a potential upside of 144.44% from the stock’s current price.

A number of other brokerages have also commented on CDTX. Cantor Fitzgerald reiterated an “overweight” rating on shares of Cidara Therapeutics in a research report on Wednesday, August 14th. StockNews.com upgraded Cidara Therapeutics from a “sell” rating to a “hold” rating in a research report on Friday, September 13th. HC Wainwright reissued a “buy” rating and issued a $24.00 price target on shares of Cidara Therapeutics in a research note on Tuesday, October 22nd. Finally, Needham & Company LLC restated a “buy” rating and set a $25.00 price objective on shares of Cidara Therapeutics in a research report on Wednesday, August 14th. One investment analyst has rated the stock with a hold rating, four have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, Cidara Therapeutics currently has an average rating of “Buy” and a consensus target price of $30.50.

Cidara Therapeutics Stock Performance

NASDAQ:CDTX opened at $13.50 on Friday. The stock has a market capitalization of $95.01 million, a P/E ratio of -0.53 and a beta of 0.99. Cidara Therapeutics has a fifty-two week low of $10.00 and a fifty-two week high of $24.40. The company’s 50-day simple moving average is $11.56 and its 200-day simple moving average is $12.06.

Cidara Therapeutics (NASDAQ:CDTX) last issued its quarterly earnings results on Tuesday, August 13th. The biotechnology company reported ($2.05) earnings per share for the quarter, topping the consensus estimate of ($3.94) by $1.89. The business had revenue of $0.30 million during the quarter. Cidara Therapeutics had a negative return on equity of 109.89% and a negative net margin of 289.05%. On average, research analysts forecast that Cidara Therapeutics will post -12.06 EPS for the current year.

Institutional Inflows and Outflows

An institutional investor recently raised its position 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 its most recent disclosure with the Securities & Exchange Commission. The fund owned 163,000 shares of the biotechnology company’s stock after buying an additional 68,000 shares during the period. Tocqueville Asset Management L.P. owned 3.57% of Cidara Therapeutics worth $150,000 as of its most recent filing with the Securities & Exchange Commission. Institutional investors own 35.82% of the company’s stock.

Cidara Therapeutics Company Profile

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.