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

Shares of Cidara Therapeutics, Inc. (NASDAQ:CDTX) have earned an average recommendation of “Buy” from the eight ratings firms that are covering the firm, Marketbeat.com reports. Six research analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the company. The average 12-month price objective among brokers that have updated their coverage on the stock in the last year is $39.14.

Several equities research analysts have commented on CDTX shares. Royal Bank of Canada started coverage on shares of Cidara Therapeutics in a research report on Friday, December 13th. They issued an “outperform” rating and a $34.00 price target on the stock. HC Wainwright increased their target price on shares of Cidara Therapeutics from $24.00 to $35.00 and gave the company a “buy” rating in a research note on Monday, March 10th. Citizens Jmp initiated coverage on shares of Cidara Therapeutics in a report on Wednesday, March 12th. They set an “outperform” rating and a $46.00 target price for the company. Citigroup assumed coverage on Cidara Therapeutics in a report on Wednesday, March 12th. They issued an “outperform” rating on the stock. Finally, StockNews.com raised Cidara Therapeutics to a “sell” rating in a research note on Friday, April 4th.

Cidara Therapeutics Trading Up 2.2 %

Shares of NASDAQ:CDTX opened at $17.47 on Monday. Cidara Therapeutics has a twelve month low of $10.00 and a twelve month high of $28.42. The firm has a market cap of $191.35 million, a P/E ratio of -0.68 and a beta of 0.89. The company has a 50 day moving average of $21.51 and a 200-day moving average of $18.93.

Cidara Therapeutics (NASDAQ:CDTX) last issued 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%. Equities research 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, insider Leslie Tari sold 1,773 shares of the company’s stock in a transaction that occurred 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 transaction, the insider now owns 16,215 shares in the company, valued at approximately $356,081.40. This represents a 9.86 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, COO Shane Ward sold 1,664 shares of the 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 completion of the sale, the chief operating officer now owns 14,674 shares of the company’s stock, valued at approximately $322,241.04. The trade was a 10.18 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 7.64% of the company’s stock.

Hedge Funds Weigh In On Cidara Therapeutics

A number of hedge funds have recently modified their holdings of CDTX. Geode Capital Management LLC grew its stake in Cidara Therapeutics by 22.7% in the third quarter. Geode Capital Management LLC now owns 52,898 shares of the biotechnology company’s stock valued at $569,000 after purchasing an additional 9,771 shares in the last quarter. ADAR1 Capital Management LLC bought a new stake in shares of Cidara Therapeutics in the 4th quarter valued at approximately $670,000. Vivo Capital LLC acquired a new position in Cidara Therapeutics in the fourth quarter worth approximately $18,026,000. Adage Capital Partners GP L.L.C. raised its position in Cidara Therapeutics by 765.3% during the fourth quarter. Adage Capital Partners GP L.L.C. now owns 369,954 shares of the biotechnology company’s stock valued at $9,944,000 after acquiring an additional 327,199 shares in the last quarter. Finally, Boothbay Fund Management LLC acquired a new stake in Cidara Therapeutics in the fourth quarter valued at approximately $419,000. 35.82% of the stock is owned by institutional investors and hedge funds.

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.