Cidara Therapeutics (NASDAQ:CDTX) Research Coverage Started at Citizens Jmp

Citizens Jmp assumed coverage on shares of Cidara Therapeutics (NASDAQ:CDTX) in a report released on Wednesday, Marketbeat.com reports. The brokerage issued an outperform rating and a $46.00 price objective on the biotechnology company’s stock.

A number of other equities research analysts have also weighed in on CDTX. Royal Bank of Canada started coverage on shares of Cidara Therapeutics in a research note on Friday, December 13th. They set an “outperform” rating and a $34.00 target price for the company. Cantor Fitzgerald upgraded Cidara Therapeutics to a “strong-buy” rating in a research report on Wednesday, February 5th. WBB Securities increased their target price on Cidara Therapeutics from $40.00 to $45.00 and gave the company a “strong-buy” rating in a report on Thursday, December 5th. Needham & Company LLC restated a “buy” rating and set a $35.00 price target on shares of Cidara Therapeutics in a research note on Friday, March 7th. Finally, HC Wainwright upped their price target on shares of Cidara Therapeutics from $24.00 to $35.00 and gave the company a “buy” rating in a research report on Monday, March 10th. One analyst has rated the stock with a sell rating, six have issued a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus price target of $39.14.

Cidara Therapeutics Price Performance

Cidara Therapeutics stock opened at $22.05 on Wednesday. Cidara Therapeutics has a one year low of $10.00 and a one year high of $28.42. The business’s fifty day moving average is $22.17 and its 200 day moving average is $17.71. The stock has a market capitalization of $155.39 million, a PE ratio of -0.86 and a beta of 0.88.

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%. As a group, sell-side analysts expect that Cidara Therapeutics will post -8.74 EPS for the current fiscal year.

Insider Activity

In related news, COO Shane Ward sold 1,664 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 $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 represents a 10.18 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. 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 value of $38,935.08. Following the sale, the insider now directly owns 16,215 shares in the company, valued at approximately $356,081.40. This represents 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

A number of hedge funds have recently made changes to their positions in CDTX. BVF Inc. IL lifted its holdings in Cidara Therapeutics by 55.4% in the 4th quarter. BVF Inc. IL now owns 1,092,796 shares of the biotechnology company’s stock worth $29,374,000 after purchasing an additional 389,731 shares in the last quarter. RA Capital Management L.P. raised its position in shares of Cidara Therapeutics by 55.4% during the fourth quarter. RA Capital Management L.P. now owns 1,092,796 shares of the biotechnology company’s stock valued at $29,374,000 after buying an additional 389,716 shares during the last quarter. TCG Crossover Management LLC purchased a new position in shares of Cidara Therapeutics in the fourth quarter worth $26,092,000. VR Adviser LLC bought a new position in shares of Cidara Therapeutics during the fourth quarter worth $20,583,000. Finally, Vivo Capital LLC purchased a new position in Cidara Therapeutics during the fourth quarter valued at $18,026,000. Institutional investors 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.