Cidara Therapeutics (NASDAQ:CDTX) Price Target Raised to $47.00

Cidara Therapeutics (NASDAQ:CDTX) had its price objective increased by JMP Securities from $46.00 to $47.00 in a research note published on Friday,Benzinga reports. JMP Securities currently has a market outperform rating on the biotechnology company’s stock.

A number of other analysts have also commented on the company. Cantor Fitzgerald upgraded Cidara Therapeutics to a “strong-buy” rating in a report on Wednesday, February 5th. Needham & Company LLC restated a “buy” rating and issued a $35.00 price target on shares of Cidara Therapeutics in a report on Thursday, April 10th. StockNews.com upgraded Cidara Therapeutics to a “sell” rating in a report on Wednesday, April 16th. Citizens Jmp assumed coverage on Cidara Therapeutics in a report on Wednesday, March 12th. They set an “outperform” rating and a $46.00 target price on the stock. Finally, HC Wainwright upped their target price on Cidara Therapeutics from $24.00 to $35.00 and gave the stock a “buy” rating in a report on Monday, March 10th. One investment analyst has rated the stock with a sell rating, seven have given a buy rating and two have given a strong buy rating to the stock. According to MarketBeat.com, Cidara Therapeutics presently has an average rating of “Buy” and a consensus target price of $39.57.

Cidara Therapeutics Price Performance

CDTX opened at $18.50 on Friday. The company has a market capitalization of $232.12 million, a price-to-earnings ratio of -0.72 and a beta of 0.86. The business’s 50-day moving average price is $20.56 and its two-hundred day moving average price is $20.42. Cidara Therapeutics has a 1 year low of $10.14 and a 1 year high of $28.42.

Cidara Therapeutics (NASDAQ:CDTX) last issued its quarterly earnings results on Thursday, May 8th. The biotechnology company reported ($1.66) EPS for the quarter, beating analysts’ consensus estimates of ($5.45) by $3.79. Cidara Therapeutics had a negative return on equity of 69.64% and a negative net margin of 289.05%. Sell-side analysts anticipate that Cidara Therapeutics will post -8.74 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Cidara Therapeutics news, COO Shane Ward sold 1,664 shares of the business’s stock in a transaction that occurred on Tuesday, March 11th. The stock was sold at an average price of $21.96, for a total transaction of $36,541.44. Following the transaction, the chief operating officer now owns 14,674 shares of the company’s stock, valued at $322,241.04. The trade was a 10.18% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Leslie Tari sold 1,773 shares of the business’s stock in a transaction that occurred on Tuesday, March 11th. The stock was sold at an average price of $21.96, for a total value of $38,935.08. Following the transaction, the insider now directly owns 16,215 shares in the company, valued at approximately $356,081.40. This trade represents a 9.86% decrease in their position. The disclosure for this sale can be found here. 3.89% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Cidara Therapeutics

Institutional investors have recently bought and sold shares of the business. Point72 Asia Singapore Pte. Ltd. acquired a new position in Cidara Therapeutics during the fourth quarter worth approximately $56,000. Point72 Asset Management L.P. acquired a new position in Cidara Therapeutics during the fourth quarter worth approximately $165,000. West Michigan Advisors LLC acquired a new position in Cidara Therapeutics during the first quarter worth approximately $291,000. OMERS ADMINISTRATION Corp acquired a new position in Cidara Therapeutics during the fourth quarter worth approximately $339,000. Finally, Jane Street Group LLC acquired a new position in shares of Cidara Therapeutics in the fourth quarter valued at approximately $342,000. Institutional investors and hedge funds 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.