Cidara Therapeutics’ (CDTX) Market Outperform Rating Reaffirmed at JMP Securities

Cidara Therapeutics (NASDAQ:CDTX)‘s stock had its “market outperform” rating reiterated by investment analysts at JMP Securities in a research note issued on Tuesday,Benzinga reports. They currently have a $46.00 price objective on the biotechnology company’s stock. JMP Securities’ price target suggests a potential upside of 120.20% from the stock’s current price.

CDTX has been the subject of several other research reports. StockNews.com raised shares of Cidara Therapeutics to a “sell” rating in a research note on Wednesday, April 16th. Citizens Jmp started coverage on shares of Cidara Therapeutics in a research note on Wednesday, March 12th. They issued an “outperform” rating and a $46.00 target price on the stock. Citigroup started coverage on shares of Cidara Therapeutics in a research note on Wednesday, March 12th. They issued an “outperform” rating on the stock. Cantor Fitzgerald raised shares of Cidara Therapeutics to a “strong-buy” rating in a research note on Wednesday, February 5th. Finally, Needham & Company LLC reissued a “buy” rating and issued a $35.00 target price on shares of Cidara Therapeutics in a research note on Thursday, April 10th. One investment analyst has rated the stock with a sell rating, seven have given a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Buy” and a consensus price target of $39.14.

Cidara Therapeutics Stock Performance

Cidara Therapeutics stock opened at $20.89 on Tuesday. The company has a market cap of $228.81 million, a P/E ratio of -0.82 and a beta of 0.89. Cidara Therapeutics has a one year low of $10.14 and a one year high of $28.42. The business has a fifty day moving average of $20.92 and a two-hundred day moving average of $19.85.

Cidara Therapeutics (NASDAQ:CDTX) last released its quarterly earnings results on Thursday, March 6th. The biotechnology company reported ($5.38) earnings per share (EPS) for the quarter, missing the consensus estimate of ($5.28) by ($0.10). Cidara Therapeutics had a negative return on equity of 69.64% and a negative net margin of 289.05%. Sell-side analysts predict that Cidara Therapeutics will post -8.74 EPS for the current year.

Insider Buying and Selling

In other Cidara Therapeutics news, insider Leslie Tari sold 1,773 shares of the company’s stock in a transaction dated Tuesday, March 11th. The shares were sold at an average price of $21.96, for a total value of $38,935.08. Following the completion of the transaction, the insider now owns 16,215 shares in the company, valued at approximately $356,081.40. This represents a 9.86 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, COO Shane Ward sold 1,664 shares of the company’s stock in a transaction dated Tuesday, March 11th. The stock was sold at an average price of $21.96, for a total transaction of $36,541.44. Following the completion of the transaction, the chief operating officer now owns 14,674 shares of the company’s stock, valued at approximately $322,241.04. This trade represents a 10.18 % decrease in their position. The disclosure for this sale can be found here. 7.64% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Geode Capital Management LLC boosted its holdings in Cidara Therapeutics by 22.7% during the third quarter. Geode Capital Management LLC now owns 52,898 shares of the biotechnology company’s stock worth $569,000 after buying an additional 9,771 shares in the last quarter. ADAR1 Capital Management LLC bought a new stake in shares of Cidara Therapeutics during the 4th quarter worth $670,000. Vivo Capital LLC bought a new stake in shares of Cidara Therapeutics during the 4th quarter worth $18,026,000. Adage Capital Partners GP L.L.C. boosted its stake in shares of Cidara Therapeutics by 765.3% during the 4th quarter. Adage Capital Partners GP L.L.C. now owns 369,954 shares of the biotechnology company’s stock worth $9,944,000 after acquiring an additional 327,199 shares in the last quarter. Finally, Boothbay Fund Management LLC bought a new stake in shares of Cidara Therapeutics during the 4th quarter worth $419,000. 35.82% of the stock is currently owned by institutional investors.

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.