Needham & Company LLC Reiterates Buy Rating for Cidara Therapeutics (NASDAQ:CDTX)

Cidara Therapeutics (NASDAQ:CDTX)‘s stock had its “buy” rating restated by equities researchers at Needham & Company LLC in a report issued on Friday, Benzinga reports. They presently have a $3.00 target price on the biotechnology company’s stock. Needham & Company LLC’s target price points to a potential upside of 201.99% from the stock’s current price.

A number of other brokerages have also recently issued reports on CDTX. HC Wainwright reaffirmed a “buy” rating and issued a $6.00 price objective on shares of Cidara Therapeutics in a research note on Thursday. StockNews.com raised shares of Cidara Therapeutics from a “hold” rating to a “buy” rating in a research note on Monday, September 4th. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $5.00 price objective on shares of Cidara Therapeutics in a research note on Tuesday, August 1st. Finally, TheStreet cut shares of Cidara Therapeutics from a “c” rating to a “d+” rating in a research note on Friday, August 4th. Four analysts have rated the stock with a buy rating, According to data from MarketBeat, Cidara Therapeutics has an average rating of “Buy” and a consensus target price of $4.67.

Cidara Therapeutics Price Performance

CDTX opened at $0.99 on Friday. Cidara Therapeutics has a one year low of $0.46 and a one year high of $2.10. The company’s 50 day simple moving average is $0.97 and its 200-day simple moving average is $1.18. The stock has a market capitalization of $89.65 million, a P/E ratio of -7.64 and a beta of 1.27.

Cidara Therapeutics (NASDAQ:CDTX) last released its quarterly earnings results on Thursday, August 3rd. The biotechnology company reported ($0.14) EPS for the quarter, missing the consensus estimate of ($0.08) by ($0.06). Cidara Therapeutics had a negative net margin of 9.72% and a negative return on equity of 67.95%. The company had revenue of $7.61 million for the quarter, compared to the consensus estimate of $14.34 million. As a group, analysts anticipate that Cidara Therapeutics will post -0.31 EPS for the current year.

Insiders Place Their Bets

In other news, CEO Jeffrey Stein bought 50,000 shares of the business’s stock in a transaction on Tuesday, August 8th. The shares were bought at an average cost of $0.96 per share, for a total transaction of $48,000.00. Following the completion of the acquisition, the chief executive officer now owns 331,602 shares in the company, valued at approximately $318,337.92. The acquisition was disclosed in a document filed with the SEC, which is available through this hyperlink. Company insiders own 6.28% of the company’s stock.

Institutional Investors Weigh In On Cidara Therapeutics

Several hedge funds have recently bought and sold shares of CDTX. Mackenzie Financial Corp acquired a new stake in shares of Cidara Therapeutics during the second quarter worth $26,000. Charles Schwab Investment Management Inc. acquired a new stake in shares of Cidara Therapeutics during the first quarter worth $34,000. Legacy Wealth Asset Management LLC acquired a new stake in shares of Cidara Therapeutics during the second quarter worth $34,000. Stratos Wealth Partners LTD. raised its holdings in shares of Cidara Therapeutics by 247.9% during the second quarter. Stratos Wealth Partners LTD. now owns 36,489 shares of the biotechnology company’s stock worth $41,000 after acquiring an additional 26,000 shares during the period. Finally, Osaic Holdings Inc. raised its holdings in shares of Cidara Therapeutics by 33.4% during the second quarter. Osaic Holdings Inc. now owns 51,875 shares of the biotechnology company’s stock worth $59,000 after acquiring an additional 12,975 shares during the period. 29.09% of the stock is currently owned by institutional investors and hedge funds.

About Cidara Therapeutics

Cidara Therapeutics, Inc, a biotechnology company, focuses on the discovery, development, and commercialization of long-acting anti-infectives for the treatment and prevention of infectious diseases and oncology in the United States. The company's lead product candidate is 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.