Brokerages Set Cidara Therapeutics, Inc. (NASDAQ:CDTX) Price Target at $39.14

Shares of Cidara Therapeutics, Inc. (NASDAQ:CDTX) have been given an average rating of “Buy” by the eight analysts that are presently covering the firm, Marketbeat reports. Six analysts have rated the stock with a buy rating and two have given a strong buy rating to the company. The average twelve-month price objective among analysts that have covered the stock in the last year is $39.14.

A number of analysts have weighed in on CDTX shares. Cantor Fitzgerald upgraded Cidara Therapeutics to a “strong-buy” rating in a report on Wednesday, February 5th. JMP Securities set a $46.00 target price on Cidara Therapeutics in a report on Wednesday, March 12th. WBB Securities upped their target price on Cidara Therapeutics from $40.00 to $45.00 and gave the stock a “strong-buy” rating in a report on Thursday, December 5th. 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. Finally, Citigroup started coverage on Cidara Therapeutics in a report on Wednesday, March 12th. They set an “outperform” rating for the company.

Cidara Therapeutics Stock Performance

Shares of NASDAQ CDTX opened at $22.27 on Thursday. The firm has a market capitalization of $156.94 million, a price-to-earnings ratio of -0.87 and a beta of 0.88. The stock has a 50 day moving average price of $21.99 and a 200 day moving average price of $17.90. Cidara Therapeutics has a 52-week low of $10.00 and a 52-week high of $28.42.

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

Insider Transactions at Cidara Therapeutics

In related news, COO Shane Ward sold 1,664 shares of the company’s stock in a transaction on Tuesday, March 11th. The stock was sold at an average price of $21.96, for a total value of $36,541.44. Following the transaction, the chief operating officer now directly owns 14,674 shares of the company’s stock, valued at $322,241.04. This represents a 10.18 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Leslie Tari sold 1,773 shares of the company’s stock in a transaction on 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 directly owns 16,215 shares in the company, valued at approximately $356,081.40. The trade was a 9.86 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 7.64% of the company’s stock.

Hedge Funds Weigh In On Cidara Therapeutics

Several hedge funds have recently made changes to their positions in the company. VR Adviser LLC acquired a new position in shares of Cidara Therapeutics in the 4th quarter valued at $20,583,000. Stempoint Capital LP acquired a new stake in Cidara Therapeutics during the 4th quarter worth about $1,281,000. Point72 Asia Singapore Pte. Ltd. acquired a new stake in Cidara Therapeutics during the 4th quarter worth about $56,000. Point72 Asset Management L.P. acquired a new stake in Cidara Therapeutics during the 4th quarter worth about $165,000. Finally, OMERS ADMINISTRATION Corp acquired a new stake in Cidara Therapeutics during the 4th quarter worth about $339,000. 35.82% of the stock is owned by institutional investors and hedge funds.

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.