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 report published on Monday,Benzinga reports. The firm currently has a $47.00 price target on the biotechnology company’s stock.

CDTX has been the topic of several other research reports. Royal Bank of Canada reiterated an “outperform” rating and issued a $35.00 price target (up previously from $31.00) on shares of Cidara Therapeutics in a report on Friday, May 23rd. Wall Street Zen upgraded shares of Cidara Therapeutics to a “sell” rating in a report on Saturday, May 10th. HC Wainwright raised their price objective on shares of Cidara Therapeutics from $24.00 to $35.00 and gave the stock a “buy” rating in a research note on Monday, March 10th. Citigroup started coverage on shares of Cidara Therapeutics in a research note on Wednesday, March 12th. They set an “outperform” rating on the stock. Finally, Guggenheim raised their price objective on shares of Cidara Therapeutics from $35.00 to $50.00 and gave the stock a “buy” rating in a research note on Friday, May 16th. One analyst has rated the stock with a sell rating, seven have given a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus target price of $41.86.

Cidara Therapeutics Trading Up 4.6%

Shares of NASDAQ:CDTX opened at $22.67 on Monday. Cidara Therapeutics has a twelve month low of $10.14 and a twelve month high of $28.42. The company’s 50 day moving average is $20.78 and its 200 day moving average is $21.53. The company has a market cap of $284.44 million, a PE ratio of -0.89 and a beta of 0.86.

Cidara Therapeutics (NASDAQ:CDTX) last issued 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%. Equities research analysts predict that Cidara Therapeutics will post -8.74 earnings per share for the current fiscal year.

Insider Activity

In other Cidara Therapeutics news, COO Shane Ward sold 1,664 shares of the firm’s stock in a transaction on Tuesday, March 11th. The stock was sold at an average price of $21.96, for a total value of $36,541.44. Following the transaction, the chief operating officer now owns 14,674 shares in the company, valued at approximately $322,241.04. This trade represents a 10.18% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Leslie Tari sold 1,773 shares of the firm’s stock in a transaction 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 completion of the transaction, the insider now owns 16,215 shares in the company, valued at $356,081.40. The trade was a 9.86% decrease in their position. The disclosure for this sale can be found here. Insiders own 3.89% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in CDTX. TCG Crossover Management LLC purchased a new position in Cidara Therapeutics in the 4th quarter valued at $26,092,000. VR Adviser LLC acquired a new stake in shares of Cidara Therapeutics in the 4th quarter worth $20,583,000. Vivo Capital LLC acquired a new stake in shares of Cidara Therapeutics in the 4th quarter worth $18,026,000. Adage Capital Partners GP L.L.C. increased its stake in shares of Cidara Therapeutics by 167.6% in the 1st quarter. Adage Capital Partners GP L.L.C. now owns 990,000 shares of the biotechnology company’s stock worth $21,325,000 after acquiring an additional 620,046 shares during the last quarter. Finally, Vestal Point Capital LP acquired a new stake in shares of Cidara Therapeutics in the 1st quarter worth $10,868,000. 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.