JPMorgan Chase & Co. Initiates Coverage on Cidara Therapeutics (NASDAQ:CDTX)

Investment analysts at JPMorgan Chase & Co. began coverage on shares of Cidara Therapeutics (NASDAQ:CDTX) in a research report issued to clients and investors on Friday, MarketBeat reports. The firm set an “overweight” rating and a $200.00 price target on the biotechnology company’s stock. JPMorgan Chase & Co.‘s price objective would indicate a potential upside of 76.91% from the company’s previous close.

Several other research analysts have also issued reports on CDTX. Weiss Ratings reiterated a “sell (d-)” rating on shares of Cidara Therapeutics in a research note on Wednesday. Royal Bank Of Canada set a $137.00 price target on shares of Cidara Therapeutics and gave the stock an “outperform” rating in a research note on Wednesday, September 24th. Needham & Company LLC increased their price target 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. JMP Securities set a $173.00 price target on shares of Cidara Therapeutics and gave the stock a “market outperform” rating in a research note on Friday, October 3rd. Finally, Guggenheim set a $167.00 price target on shares of Cidara Therapeutics and gave the stock a “buy” rating in a research note on Wednesday, September 24th. One research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and one has issued a Sell rating to the company. According to MarketBeat.com, Cidara Therapeutics currently has a consensus rating of “Moderate Buy” and a consensus target price of $146.50.

Cidara Therapeutics Trading Up 2.1%

Shares of NASDAQ CDTX opened at $113.05 on Friday. Cidara Therapeutics has a 12 month low of $10.14 and a 12 month high of $121.21. The firm has a market capitalization of $2.87 billion, a PE ratio of -10.16 and a beta of 1.33. The firm has a fifty day simple moving average of $73.49 and a two-hundred day simple moving average of $46.32.

Cidara Therapeutics (NASDAQ:CDTX) last issued its quarterly earnings data on Thursday, August 7th. The biotechnology company reported ($1.65) EPS for the quarter, topping the consensus estimate of ($1.87) by $0.22. On average, sell-side analysts predict that Cidara Therapeutics will post -8.74 earnings per share for the current year.

Insider Buying and Selling

In related news, insider Nicole Negar Davarpanah sold 474 shares of the stock in a transaction dated 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 of the company’s stock, valued at approximately $1,974,935.48. This represents a 1.49% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Company insiders own 3.89% of the company’s stock.

Institutional Trading of Cidara Therapeutics

Institutional investors have recently bought and sold shares of the company. American Century Companies Inc. purchased a new stake in Cidara Therapeutics during the 1st quarter valued at about $224,000. Goldman Sachs Group Inc. boosted its holdings in shares of Cidara Therapeutics by 203.8% during the 1st quarter. Goldman Sachs Group Inc. now owns 42,143 shares of the biotechnology company’s stock valued at $908,000 after acquiring an additional 28,273 shares during the last quarter. Adage Capital Partners GP L.L.C. boosted its holdings in shares of Cidara Therapeutics by 167.6% during the 1st quarter. Adage Capital Partners GP L.L.C. now owns 990,000 shares of the biotechnology company’s stock valued at $21,325,000 after acquiring an additional 620,046 shares during the last quarter. OMERS ADMINISTRATION Corp boosted its holdings in shares of Cidara Therapeutics by 53.2% during the 1st quarter. OMERS ADMINISTRATION Corp now owns 19,300 shares of the biotechnology company’s stock valued at $416,000 after acquiring an additional 6,700 shares during the last quarter. Finally, Aberdeen Group plc purchased a new stake in shares of Cidara Therapeutics during the 1st quarter valued at about $2,604,000. 35.82% of the stock is owned by hedge funds and other institutional investors.

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.