Cidara Therapeutics (NASDAQ:CDTX) Trading 5.9% Higher Following Analyst Upgrade

Shares of Cidara Therapeutics, Inc. (NASDAQ:CDTX) shot up 5.9% during mid-day trading on Friday after HC Wainwright raised their price target on the stock from $74.00 to $110.00. HC Wainwright currently has a buy rating on the stock. Cidara Therapeutics traded as high as $90.85 and last traded at $89.78. 819,161 shares were traded during trading, an increase of 90% from the average session volume of 430,717 shares. The stock had previously closed at $84.76.

Several other equities analysts also recently weighed in on the company. Citigroup restated an “outperform” rating on shares of Cidara Therapeutics in a research report on Wednesday. JMP Securities set a $153.00 price target on Cidara Therapeutics in a report on Wednesday. Guggenheim set a $167.00 target price on Cidara Therapeutics and gave the stock a “buy” rating in a research note on Wednesday. WBB Securities reissued a “strong-buy” rating and set a $123.00 target price on shares of Cidara Therapeutics in a research note on Monday. Finally, Cantor Fitzgerald restated an “overweight” rating on shares of Cidara Therapeutics in a research report on Tuesday, June 10th. One analyst has rated the stock with a Strong Buy rating and eight have given a Buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Buy” and an average price target of $119.43.

Insider Transactions at Cidara Therapeutics

In other Cidara Therapeutics news, insider Nicole Negar Davarpanah sold 474 shares of Cidara Therapeutics stock in a transaction dated Thursday, September 11th. The stock was sold at an average price of $62.86, for a total transaction of $29,795.64. Following the completion of the sale, the insider directly owned 31,418 shares of the company’s stock, valued at $1,974,935.48. The trade was a 1.49% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 3.89% of the stock is owned by company insiders.

Hedge Funds Weigh In On Cidara Therapeutics

Several institutional investors have recently added to or reduced their stakes in CDTX. Amalgamated Bank acquired a new position in Cidara Therapeutics in the 2nd quarter valued at about $28,000. Trifecta Capital Advisors LLC acquired a new stake in Cidara Therapeutics during the 2nd quarter valued at $49,000. California State Teachers Retirement System purchased a new position in shares of Cidara Therapeutics during the 2nd quarter worth $51,000. Legal & General Group Plc purchased a new position in shares of Cidara Therapeutics in the 2nd quarter worth $73,000. Finally, Tower Research Capital LLC TRC raised its position in shares of Cidara Therapeutics by 66.8% in the 2nd quarter. Tower Research Capital LLC TRC now owns 1,556 shares of the biotechnology company’s stock worth $76,000 after buying an additional 623 shares during the period. Institutional investors and hedge funds own 35.82% of the company’s stock.

Cidara Therapeutics Price Performance

The company has a market capitalization of $2.30 billion, a PE ratio of -8.13 and a beta of 1.29. The firm has a 50-day simple moving average of $65.73 and a 200 day simple moving average of $40.74.

Cidara Therapeutics (NASDAQ:CDTX) last announced 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. Equities research analysts expect that Cidara Therapeutics, Inc. will post -8.74 EPS for the current fiscal year.

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.