Cidara Therapeutics (NASDAQ:CDTX) Sets New 52-Week High After Analyst Upgrade

Cidara Therapeutics, Inc. (NASDAQ:CDTX)’s share price hit a new 52-week high during mid-day trading on Thursday after WBB Securities raised their price target on the stock from $123.00 to $199.00. WBB Securities currently has a strong-buy rating on the stock. Cidara Therapeutics traded as high as $108.29 and last traded at $108.24, with a volume of 449143 shares. The stock had previously closed at $98.51.

CDTX has been the topic of a number of other reports. Needham & Company LLC increased their price objective on shares of Cidara Therapeutics from $74.00 to $100.00 and gave the stock a “buy” rating in a research note on Wednesday, September 24th. Citigroup restated an “outperform” rating on shares of Cidara Therapeutics in a research note on Wednesday, September 24th. Guggenheim set a $167.00 price target on shares of Cidara Therapeutics and gave the company a “buy” rating in a research note on Wednesday, September 24th. JMP Securities set a $173.00 price target on shares of Cidara Therapeutics and gave the company a “market outperform” rating in a research note on Friday, October 3rd. Finally, HC Wainwright raised their price target on shares of Cidara Therapeutics from $110.00 to $150.00 and gave the company a “buy” rating in a research note on Thursday. One analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $138.86.

Insider Buying and Selling

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

Institutional Investors Weigh In On Cidara Therapeutics

Several hedge funds have recently added to or reduced their stakes in CDTX. West Michigan Advisors LLC acquired a new stake in Cidara Therapeutics during the 1st quarter worth approximately $291,000. Vivo Capital LLC boosted its position in Cidara Therapeutics by 2.0% during the 1st quarter. Vivo Capital LLC now owns 684,276 shares of the biotechnology company’s stock worth $14,739,000 after buying an additional 13,676 shares during the period. Aberdeen Group plc acquired a new stake in Cidara Therapeutics during the 1st quarter worth approximately $2,604,000. American Century Companies Inc. acquired a new stake in Cidara Therapeutics during the 1st quarter worth approximately $224,000. Finally, OMERS ADMINISTRATION Corp boosted its position in Cidara Therapeutics by 53.2% during the 1st quarter. OMERS ADMINISTRATION Corp now owns 19,300 shares of the biotechnology company’s stock worth $416,000 after buying an additional 6,700 shares during the period. 35.82% of the stock is currently owned by institutional investors and hedge funds.

Cidara Therapeutics Stock Performance

The firm’s fifty day simple moving average is $72.49 and its 200-day simple moving average is $45.51. The stock has a market cap of $2.81 billion, a P/E ratio of -9.95 and a beta of 1.33.

Cidara Therapeutics (NASDAQ:CDTX) last released its quarterly earnings results on Thursday, August 7th. The biotechnology company reported ($1.65) earnings per share (EPS) for the quarter, topping the consensus estimate of ($1.87) by $0.22. Analysts predict that Cidara Therapeutics, Inc. will post -8.74 earnings per share for the current fiscal year.

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.