Cidara Therapeutics’ (CDTX) Outperform Rating Reiterated at Royal Bank of Canada

Cidara Therapeutics (NASDAQ:CDTX)‘s stock had its “outperform” rating reaffirmed by equities researchers at Royal Bank of Canada in a research report issued to clients and investors on Friday, MarketBeat reports. They presently have a $35.00 price target on the biotechnology company’s stock, up from their prior price target of $31.00. Royal Bank of Canada’s price target points to a potential upside of 44.15% from the company’s previous close.

Other equities research analysts have also recently issued reports about the company. JMP Securities boosted their price objective on Cidara Therapeutics from $46.00 to $47.00 and gave the stock a “market outperform” rating in a research note on Friday, May 9th. Guggenheim upped their price target on Cidara Therapeutics from $35.00 to $50.00 and gave the stock a “buy” rating in a report on Friday, May 16th. Cantor Fitzgerald raised Cidara Therapeutics to a “strong-buy” rating in a report on Wednesday, February 5th. Needham & Company LLC reaffirmed a “buy” rating and set a $35.00 price objective on shares of Cidara Therapeutics in a research report on Friday. Finally, Wall Street Zen upgraded Cidara Therapeutics to a “sell” rating in a research report on Saturday, May 10th. One investment analyst has rated the stock with a sell rating, seven have assigned a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Buy” and an average target price of $41.86.

Cidara Therapeutics Stock Performance

Shares of NASDAQ:CDTX opened at $24.28 on Friday. Cidara Therapeutics has a 52-week low of $10.14 and a 52-week high of $28.42. The business’s 50 day simple moving average is $20.72 and its two-hundred day simple moving average is $21.15. The firm has a market cap of $304.64 million, a P/E ratio of -0.95 and a beta of 0.86.

Cidara Therapeutics (NASDAQ:CDTX) last released its quarterly earnings results on Thursday, May 8th. The biotechnology company reported ($1.66) earnings per share for the quarter, topping the consensus estimate of ($5.45) by $3.79. Cidara Therapeutics had a negative net margin of 289.05% and a negative return on equity of 69.64%. On average, equities analysts forecast that Cidara Therapeutics will post -8.74 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, insider Leslie Tari sold 1,773 shares of the business’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 transaction of $38,935.08. Following the completion of the transaction, the insider now owns 16,215 shares of the company’s stock, valued at approximately $356,081.40. The trade was a 9.86% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, COO Shane Ward sold 1,664 shares of the stock in a transaction on Tuesday, March 11th. The shares were 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 position. The disclosure for this sale can be found here. 3.89% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Cidara Therapeutics

Several large investors have recently modified their holdings of the stock. Point72 Asia Singapore Pte. Ltd. acquired a new stake in Cidara Therapeutics in the fourth quarter valued at approximately $56,000. Northern Trust Corp raised its holdings in Cidara Therapeutics by 6.8% in the 4th quarter. Northern Trust Corp now owns 33,957 shares of the biotechnology company’s stock valued at $913,000 after acquiring an additional 2,170 shares during the last quarter. Point72 Asset Management L.P. purchased a new stake in shares of Cidara Therapeutics during the 4th quarter valued at approximately $165,000. OMERS ADMINISTRATION Corp increased its position in shares of Cidara Therapeutics by 53.2% during the first quarter. OMERS ADMINISTRATION Corp now owns 19,300 shares of the biotechnology company’s stock valued at $416,000 after acquiring an additional 6,700 shares during the last quarter. Finally, American Century Companies Inc. acquired a new stake in shares of Cidara Therapeutics in the first quarter valued at $224,000. 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.