Cidara Therapeutics (NASDAQ:CDTX) Given Buy Rating at Needham & Company LLC

Cidara Therapeutics (NASDAQ:CDTX)‘s stock had its “buy” rating reiterated by equities research analysts at Needham & Company LLC in a report issued on Friday, MarketBeat.com reports. They presently have a $74.00 price objective on the biotechnology company’s stock, up from their previous price objective of $54.00. Needham & Company LLC’s price target suggests a potential upside of 17.98% from the stock’s previous close.

CDTX has been the topic of a number of other reports. Guggenheim set a $69.00 target price on Cidara Therapeutics in a research report on Wednesday, July 9th. HC Wainwright reiterated a “buy” rating and issued a $53.00 target price (up from $41.00) on shares of Cidara Therapeutics in a report on Monday, June 23rd. Cantor Fitzgerald restated an “overweight” rating on shares of Cidara Therapeutics in a research report on Tuesday, June 10th. Royal Bank Of Canada reissued an “outperform” rating on shares of Cidara Therapeutics in a research note on Tuesday, June 24th. Finally, Wall Street Zen raised Cidara Therapeutics to a “sell” rating in a research report on Saturday, May 10th. One equities research analyst has rated the stock with a sell rating, eight have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $64.14.

Cidara Therapeutics Stock Up 1.2%

Shares of CDTX stock opened at $62.72 on Friday. The stock has a 50-day simple moving average of $46.56 and a 200 day simple moving average of $30.15. Cidara Therapeutics has a fifty-two week low of $10.14 and a fifty-two week high of $66.94. The stock has a market capitalization of $1.59 billion, a P/E ratio of -5.66 and a beta of 1.18.

Cidara Therapeutics (NASDAQ:CDTX) last released its earnings results on Thursday, August 7th. The biotechnology company reported ($1.65) EPS for the quarter, topping analysts’ consensus estimates of ($1.87) by $0.22. On average, sell-side analysts anticipate 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, Director Ra Capital Management, L.P. acquired 2,272,727 shares of the business’s stock in a transaction that occurred on Thursday, June 26th. The shares were purchased at an average price of $44.00 per share, with a total value of $99,999,988.00. Following the completion of the transaction, the director owned 3,365,523 shares in the company, valued at $148,083,012. The trade was a 207.97% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 7.64% of the stock is owned by company insiders.

Institutional Investors Weigh In On Cidara Therapeutics

Several institutional investors and hedge funds have recently modified their holdings of CDTX. Ensign Peak Advisors Inc bought a new stake in shares of Cidara Therapeutics during the 2nd quarter worth about $244,000. Patient Square Capital LP bought a new position in shares of Cidara Therapeutics in the second quarter valued at approximately $731,000. Intech Investment Management LLC acquired a new position in Cidara Therapeutics in the 2nd quarter valued at $438,000. Police & Firemen s Retirement System of New Jersey acquired a new position in Cidara Therapeutics during the 2nd quarter worth $184,000. Finally, Geode Capital Management LLC boosted its holdings in Cidara Therapeutics by 576.6% during the second quarter. Geode Capital Management LLC now owns 372,010 shares of the biotechnology company’s stock valued at $18,124,000 after acquiring an additional 317,027 shares during the period. Institutional investors and hedge funds 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.