WBB Securities Issues Positive Forecast for Cidara Therapeutics (NASDAQ:CDTX) Stock Price

Cidara Therapeutics (NASDAQ:CDTX) had its price target upped by WBB Securities from $45.00 to $123.00 in a research note published on Monday morning,Benzinga reports. They currently have a strong-buy rating on the biotechnology company’s stock.

A number of other equities analysts have also recently issued reports on the company. Guggenheim restated a “buy” rating on shares of Cidara Therapeutics in a report on Friday, August 8th. Needham & Company LLC restated a “buy” rating and issued a $74.00 target price (up from $54.00) on shares of Cidara Therapeutics in a report on Friday, August 8th. Royal Bank Of Canada restated an “outperform” rating on shares of Cidara Therapeutics in a report on Tuesday, June 24th. Cantor Fitzgerald restated an “overweight” rating on shares of Cidara Therapeutics in a report on Tuesday, June 10th. Finally, JMP Securities lifted their price target on Cidara Therapeutics from $59.00 to $66.00 and gave the company a “market outperform” rating in a report on Friday, August 8th. One research analyst has rated the stock with a Strong Buy rating and eight have issued a Buy rating to the stock. According to MarketBeat, Cidara Therapeutics currently has an average rating of “Buy” and a consensus price target of $75.29.

Cidara Therapeutics Stock Performance

CDTX opened at $75.47 on Monday. The company has a market capitalization of $1.91 billion, a PE ratio of -6.78 and a beta of 1.29. The stock’s fifty day moving average is $63.38 and its 200-day moving average is $39.26. Cidara Therapeutics has a one year low of $10.14 and a one year high of $75.64.

Cidara Therapeutics (NASDAQ:CDTX) last issued its earnings results on Thursday, August 7th. The biotechnology company reported ($1.65) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($1.87) by $0.22. On average, equities research analysts forecast that Cidara Therapeutics will post -8.74 EPS for the current fiscal year.

Insider Transactions at Cidara Therapeutics

In other Cidara Therapeutics news, insider Nicole Negar Davarpanah sold 474 shares of the business’s stock in a transaction dated Thursday, September 11th. The stock was sold at an average price of $62.86, for a total value of $29,795.64. Following the transaction, the insider owned 31,418 shares in the company, valued at $1,974,935.48. The trade was a 1.49% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Ra Capital Management, L.P. bought 2,272,727 shares of the stock in a transaction on Thursday, June 26th. The stock was purchased at an average price of $44.00 per share, for a total transaction of $99,999,988.00. Following the purchase, the director directly owned 3,365,523 shares of the company’s stock, valued at approximately $148,083,012. This represents a 207.97% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders own 7.64% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the company. Amalgamated Bank bought a new stake in shares of Cidara Therapeutics during the 2nd quarter worth about $28,000. Trifecta Capital Advisors LLC bought a new stake in shares of Cidara Therapeutics during the 2nd quarter worth about $49,000. California State Teachers Retirement System bought a new stake in shares of Cidara Therapeutics during the 2nd quarter worth about $51,000. Legal & General Group Plc bought a new stake in shares of Cidara Therapeutics during the 2nd quarter worth about $73,000. Finally, Tower Research Capital LLC TRC boosted its stake in shares of Cidara Therapeutics by 66.8% during the 2nd quarter. Tower Research Capital LLC TRC now owns 1,556 shares of the biotechnology company’s stock worth $76,000 after acquiring an additional 623 shares in the last quarter. 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.