Cidara Therapeutics (NASDAQ:CDTX) Given “Market Outperform” Rating at JMP Securities

JMP Securities reaffirmed their market outperform rating on shares of Cidara Therapeutics (NASDAQ:CDTX) in a research note released on Tuesday morning,Benzinga reports. The brokerage currently has a $47.00 target price on the biotechnology company’s stock.

Several other research firms have also recently weighed in on CDTX. Cantor Fitzgerald raised shares of Cidara Therapeutics to a “strong-buy” rating in a report on Wednesday, February 5th. HC Wainwright upped their target price on shares of Cidara Therapeutics from $24.00 to $35.00 and gave the stock a “buy” rating in a research report on Monday, March 10th. Royal Bank of Canada reiterated an “outperform” rating and issued a $35.00 target price (up from $31.00) on shares of Cidara Therapeutics in a research report on Friday, May 23rd. Wall Street Zen upgraded shares of Cidara Therapeutics to a “sell” rating in a research report on Saturday, May 10th. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $35.00 target price on shares of Cidara Therapeutics in a research report on Friday, May 23rd. One equities research analyst has rated the stock with a sell rating, seven have issued a buy rating and two have issued a strong buy rating to the company. According to MarketBeat.com, the company has an average rating of “Buy” and a consensus price target of $41.86.

Cidara Therapeutics Stock Performance

Cidara Therapeutics stock opened at $24.00 on Tuesday. The stock has a market cap of $301.13 million, a P/E ratio of -0.94 and a beta of 0.86. Cidara Therapeutics has a fifty-two week low of $10.14 and a fifty-two week high of $28.42. The firm’s fifty day moving average price is $20.77 and its 200-day moving average price is $21.25.

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%. Sell-side analysts predict that Cidara Therapeutics will post -8.74 earnings per share for the current year.

Insider Buying and Selling at Cidara Therapeutics

In other Cidara Therapeutics news, COO Shane Ward sold 1,664 shares of the company’s stock in a transaction dated Tuesday, March 11th. The shares were 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 directly owns 14,674 shares in the company, valued at $322,241.04. This represents a 10.18% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider Leslie Tari sold 1,773 shares of the company’s stock in a transaction dated Tuesday, March 11th. The shares were sold at an average price of $21.96, for a total transaction of $38,935.08. Following the sale, 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 disclosure for this sale can be found here. Company insiders own 3.89% of the company’s stock.

Institutional Trading of Cidara Therapeutics

Several institutional investors have recently added to or reduced their stakes in CDTX. Point72 Asia Singapore Pte. Ltd. purchased a new stake in Cidara Therapeutics during the fourth quarter valued at about $56,000. Point72 Asset Management L.P. purchased a new stake in Cidara Therapeutics during the fourth quarter valued at about $165,000. American Century Companies Inc. purchased a new stake in Cidara Therapeutics during the first quarter valued at about $224,000. West Michigan Advisors LLC bought a new position in shares of Cidara Therapeutics during the first quarter valued at about $291,000. Finally, OMERS ADMINISTRATION Corp bought a new position in shares of Cidara Therapeutics during the fourth quarter valued at about $339,000. 35.82% of the stock is currently owned by hedge funds and other institutional investors.

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.