Cidara Therapeutics (NASDAQ:CDTX) Now Covered by Analysts at Citizens Jmp

Investment analysts at Citizens Jmp assumed coverage on shares of Cidara Therapeutics (NASDAQ:CDTX) in a report issued on Wednesday, MarketBeat Ratings reports. The brokerage set an “outperform” rating and a $46.00 price target on the biotechnology company’s stock. Citizens Jmp’s price objective indicates a potential upside of 105.72% from the stock’s previous close.

A number of other research firms also recently commented on CDTX. Royal Bank of Canada began coverage on shares of Cidara Therapeutics in a report on Friday, December 13th. They set an “outperform” rating and a $34.00 price objective for the company. Needham & Company LLC reiterated a “buy” rating and set a $35.00 target price on shares of Cidara Therapeutics in a research report on Friday, March 7th. Cantor Fitzgerald upgraded shares of Cidara Therapeutics to a “strong-buy” rating in a research report on Wednesday, February 5th. HC Wainwright increased their target price on shares of Cidara Therapeutics from $24.00 to $35.00 and gave the stock a “buy” rating in a research report on Monday. Finally, WBB Securities increased their target price on shares of Cidara Therapeutics from $40.00 to $45.00 and gave the stock a “strong-buy” rating in a research report on Thursday, December 5th. One research analyst has rated the stock with a sell rating, six have issued a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat.com, Cidara Therapeutics currently has an average rating of “Buy” and an average price target of $39.14.

Cidara Therapeutics Stock Performance

NASDAQ:CDTX opened at $22.36 on Wednesday. The company has a 50-day moving average of $22.27 and a 200-day moving average of $17.67. The company has a market capitalization of $157.57 million, a price-to-earnings ratio of -0.88 and a beta of 0.88. Cidara Therapeutics has a 52 week low of $10.00 and a 52 week high of $28.42.

Cidara Therapeutics (NASDAQ:CDTX) last released its quarterly earnings data on Thursday, March 6th. The biotechnology company reported ($5.38) EPS for the quarter, missing analysts’ consensus estimates 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 forecast that Cidara Therapeutics will post -8.74 EPS for the current year.

Insider Buying and Selling at Cidara Therapeutics

In other Cidara Therapeutics news, COO Shane Ward sold 1,664 shares of the firm’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 $36,541.44. Following the completion of the sale, the chief operating officer now owns 14,674 shares in the company, valued at approximately $322,241.04. This trade represents a 10.18 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Leslie Tari sold 1,773 shares of the firm’s stock in a transaction dated Tuesday, March 11th. The shares were sold at an average price of $21.96, for a total transaction of $38,935.08. Following the completion of the sale, the insider now owns 16,215 shares of the company’s stock, valued at $356,081.40. The trade was a 9.86 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 7.64% of the company’s stock.

Institutional Investors Weigh In On Cidara Therapeutics

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Point72 Asia Singapore Pte. Ltd. bought a new position in shares of Cidara Therapeutics in the 4th quarter valued at about $56,000. Point72 Asset Management L.P. bought a new position in shares of Cidara Therapeutics in the 4th quarter valued at about $165,000. OMERS ADMINISTRATION Corp bought a new position in shares of Cidara Therapeutics in the 4th quarter valued at about $339,000. Jane Street Group LLC bought a new position in shares of Cidara Therapeutics in the 4th quarter valued at about $342,000. Finally, Boothbay Fund Management LLC bought a new position in shares of Cidara Therapeutics in the 4th quarter valued at about $419,000. Institutional investors and hedge funds own 35.82% of the company’s stock.

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.