Needham & Company LLC Forecasts Strong Price Appreciation for Cidara Therapeutics (NASDAQ:CDTX) Stock

Cidara Therapeutics (NASDAQ:CDTX) had its price objective raised by investment analysts at Needham & Company LLC from $36.00 to $54.00 in a research report issued to clients and investors on Monday,Benzinga reports. The brokerage currently has a “buy” rating on the biotechnology company’s stock. Needham & Company LLC’s target price would suggest a potential upside of 15.29% from the stock’s previous close.

Other analysts have also issued research reports about the stock. HC Wainwright raised shares of Cidara Therapeutics to a “buy” rating and set a $41.00 price target on the stock in a research report on Wednesday, June 18th. Guggenheim lifted their price objective on shares of Cidara Therapeutics from $35.00 to $50.00 and gave the company a “buy” rating in a research note on Friday, May 16th. WBB Securities reissued a “strong-buy” rating and set a $45.00 target price on shares of Cidara Therapeutics in a report on Monday. Citigroup began coverage on Cidara Therapeutics in a report on Wednesday, March 12th. They issued an “outperform” rating for the company. Finally, Royal Bank Of Canada reiterated an “outperform” rating and issued a $35.00 price target (up from $31.00) on shares of Cidara Therapeutics in a research report on Friday, May 23rd. One analyst has rated the stock with a sell rating, eight have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $53.71.

Cidara Therapeutics Price Performance

NASDAQ:CDTX opened at $46.84 on Monday. The company has a market capitalization of $587.84 million, a P/E ratio of -1.59 and a beta of 0.79. The business has a fifty day simple moving average of $23.26 and a two-hundred day simple moving average of $22.34. Cidara Therapeutics has a 1 year low of $10.14 and a 1 year high of $56.83.

Cidara Therapeutics (NASDAQ:CDTX) last announced its quarterly earnings data on Thursday, May 8th. The biotechnology company reported ($1.66) earnings per share for the quarter, topping the consensus estimate of ($5.45) by $3.79. As a group, analysts anticipate that Cidara Therapeutics will post -8.74 earnings per share for the current year.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of CDTX. Millennium Management LLC increased its holdings in shares of Cidara Therapeutics by 158.4% in the fourth quarter. Millennium Management LLC now owns 35,960 shares of the biotechnology company’s stock worth $967,000 after purchasing an additional 22,041 shares during the period. Jane Street Group LLC purchased a new position in Cidara Therapeutics during the fourth quarter worth about $342,000. OMERS ADMINISTRATION Corp bought a new position in Cidara Therapeutics in the 4th quarter worth about $339,000. Vivo Capital LLC bought a new position in Cidara Therapeutics in the 4th quarter worth about $18,026,000. Finally, Schonfeld Strategic Advisors LLC raised its holdings in shares of Cidara Therapeutics by 154.1% in the 4th quarter. Schonfeld Strategic Advisors LLC now owns 49,557 shares of the biotechnology company’s stock valued at $1,332,000 after acquiring an additional 30,057 shares in the last quarter. 35.82% of the stock is owned by institutional investors.

About Cidara Therapeutics

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.