StockNews.com assumed coverage on shares of Cidara Therapeutics (NASDAQ:CDTX – Get Rating) in a research note released on Thursday morning. The brokerage issued a strong-buy rating on the biotechnology company's stock.

Several other equities research analysts have also issued reports on the company. HC Wainwright reissued a buy rating and set a $6.50 price target on shares of Cidara Therapeutics in a research report on Wednesday, March 1st. Cantor Fitzgerald reissued an overweight rating and set a $5.00 price target on shares of Cidara Therapeutics in a research report on Wednesday, March 8th.

Cidara Therapeutics Trading Up 8.0 %

CDTX stock opened at $1.76 on Thursday. The firm has a market cap of $126.05 million, a P/E ratio of -3.20 and a beta of 1.44. Cidara Therapeutics has a 12-month low of $0.40 and a 12-month high of $1.99. The stock's 50 day simple moving average is $1.46 and its 200 day simple moving average is $0.92.

Institutional Investors Weigh In On Cidara Therapeutics

Several large investors have recently added to or reduced their stakes in the stock. Renaissance Technologies LLC increased its position in Cidara Therapeutics by 1.7% in the first quarter. Renaissance Technologies LLC now owns 1,437,845 shares of the biotechnology company's stock worth $1,197,000 after buying an additional 23,588 shares during the period. Millennium Management LLC increased its position in Cidara Therapeutics by 724.1% in the fourth quarter. Millennium Management LLC now owns 689,917 shares of the biotechnology company's stock worth $522,000 after buying an additional 606,201 shares during the period. Geode Capital Management LLC increased its position in Cidara Therapeutics by 1.3% in the fourth quarter. Geode Capital Management LLC now owns 592,724 shares of the biotechnology company's stock worth $448,000 after buying an additional 7,743 shares during the period. Monashee Investment Management LLC acquired a new stake in Cidara Therapeutics in the third quarter worth $232,000. Finally, Callan Capital LLC acquired a new stake in Cidara Therapeutics in the fourth quarter worth $207,000. 37.81% of the stock is owned by institutional investors and hedge funds.

Cidara Therapeutics Company Profile

(Get Rating)

Cidara Therapeutics, Inc is a biotechnology company, which engages in the discovery, development, and commercialization of novel anti-infectives. Its product pipeline includes Rezafungin and Cloudbreak. The company was founded by Kevin M. Forrest, Kevin J. Judice, and H. Shaw Warren in December 2012 and is headquartered in San Diego, CA.

Further Reading

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