Guggenheim Boosts Cidara Therapeutics with a Strong Buy Recommendation
On November 8, 2024, Guggenheim launched coverage on Cidara Therapeutics (NasdaqCM:CDTX), issuing a Buy recommendation.
Analysts See Significant Growth Potential
According to data from October 22, 2024, the average price target for Cidara Therapeutics stands at $30.26 per share, showing a wide forecast range from $24.24 to $42.00. This average target suggests a remarkable upside of 124.15% compared to the stock’s recent closing price of $13.50 per share.
For further insight, refer to our leaderboard that highlights companies with the highest price target upside.
Revenue Forecasts and Earnings Estimates
The projected annual revenue for Cidara Therapeutics is estimated at $30 million, indicating a decline of 27.70% compared to previous figures. Additionally, non-GAAP EPS is forecasted at -0.55.
Increased Institutional Support
Currently, 43 funds and institutions hold positions in Cidara Therapeutics, marking an increase of 18 owners, or 72.00%, just in the last quarter. The average portfolio weight dedicated to CDTX across all funds rose significantly to 0.07%, a jump of 1,302.53%. Meanwhile, total institutional shares owned decreased by 60.37% over the past three months, now totaling 1,441K shares.
The put/call ratio for CDTX is currently at 0.00, indicating a bullish outlook among investors.
Among the notable institutions, Monashee Investment Management holds 369K shares, equating to 5.24% ownership of the company. Bvf holds 343K shares, or 4.87%, while Checkpoint Capital owns 145K shares, representing 2.07%. Vanguard Total Stock Market Index Fund Investor Shares has 122K shares, reflecting a prior holding of 2,167K shares, a substantial decrease of 1,682.43%. Their allocation in CDTX dropped by 29.19% in the last quarter. Renaissance Technologies holds a total of 96K shares, signifying 1.36% ownership.
Overview of Cidara Therapeutics
(Company Description)
Cidara Therapeutics is focused on creating long-lasting therapies aimed at improving the treatment for patients with severe fungal or viral infections. The company’s lead candidate is rezafungin, alongside antiviral conjugates (AVCs) targeted at preventing and treating influenza and other viral diseases, developed through their proprietary Cloudbreak® antiviral platform. Cidara operates out of San Diego, California.
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This article was originally published by Fintel.
The views and opinions expressed herein are those of the author and do not necessarily reflect those of Nasdaq, Inc.
