Cidara Therapeutics, Inc. (NASDAQ:CDTX) Receives Average Rating of “Buy” from Analysts

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

CDTX has been the subject of a number of research analyst reports. HC Wainwright lifted 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. Cantor Fitzgerald upgraded Cidara Therapeutics to a “strong-buy” rating in a research note on Wednesday, February 5th. JMP Securities set a $46.00 price target on Cidara Therapeutics in a research note on Wednesday, March 12th. Needham & Company LLC restated a “buy” rating and issued a $35.00 price target on shares of Cidara Therapeutics in a research note on Friday, March 7th. Finally, Citizens Jmp assumed coverage on Cidara Therapeutics in a research report on Wednesday, March 12th. They set an “outperform” rating and a $46.00 target price on the stock.

Cidara Therapeutics Stock Up 1.0 %

CDTX stock opened at $22.27 on Thursday. 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 $156.94 million, a PE ratio of -0.87 and a beta of 0.88. The business has a 50 day moving average of $21.99 and a 200 day moving average of $17.90.

Cidara Therapeutics (NASDAQ:CDTX) last posted its earnings results 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%. On average, research analysts expect that Cidara Therapeutics will post -8.74 earnings per share for the current fiscal year.

Insiders Place Their Bets

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 sale, the chief operating officer now directly 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 legal filing with the SEC, which is available through this link. 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 sale, the insider now directly owns 16,215 shares in the company, valued at $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. 7.64% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of CDTX. Checkpoint Capital L.P. boosted its position in shares of Cidara Therapeutics by 25.5% during the third quarter. Checkpoint Capital L.P. now owns 182,426 shares of the biotechnology company’s stock valued at $1,961,000 after buying an additional 37,009 shares during the period. RA Capital Management L.P. purchased a new position in shares of Cidara Therapeutics during the third quarter valued at approximately $7,558,000. Geode Capital Management LLC boosted its holdings in shares of 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 during the period. ADAR1 Capital Management LLC purchased a new stake in shares of Cidara Therapeutics in the fourth quarter valued at approximately $670,000. Finally, Vivo Capital LLC purchased a new stake in shares of Cidara Therapeutics in the fourth quarter valued at approximately $18,026,000. Hedge funds and other 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.