Cidara Therapeutics (NASDAQ:CDTX) Earns Buy Rating from HC Wainwright

Cidara Therapeutics (NASDAQ:CDTX)‘s stock had its “buy” rating reiterated by equities researchers at HC Wainwright in a report issued on Tuesday,Benzinga reports. They presently have a $150.00 price objective on the biotechnology company’s stock. HC Wainwright’s target price indicates a potential upside of 51.01% from the stock’s previous close.

A number of other analysts have also recently weighed in on CDTX. Needham & Company LLC boosted their price target on Cidara Therapeutics from $74.00 to $100.00 and gave the stock a “buy” rating in a research report on Wednesday, September 24th. WBB Securities lifted their price objective on Cidara Therapeutics from $123.00 to $199.00 and gave the stock a “strong-buy” rating in a research note on Thursday, October 9th. JPMorgan Chase & Co. started coverage on Cidara Therapeutics in a research note on Friday, October 10th. They issued an “overweight” rating and a $200.00 price objective on the stock. Royal Bank Of Canada set a $137.00 price objective on Cidara Therapeutics and gave the stock an “outperform” rating in a research note on Wednesday, September 24th. Finally, JMP Securities set a $173.00 price objective on Cidara Therapeutics and gave the stock a “market outperform” rating in a research note on Friday, October 3rd. One research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $151.33.

Cidara Therapeutics Price Performance

Shares of NASDAQ:CDTX opened at $99.33 on Tuesday. Cidara Therapeutics has a fifty-two week low of $11.07 and a fifty-two week high of $121.21. The business has a 50-day moving average of $80.33 and a two-hundred day moving average of $50.84. The stock has a market capitalization of $2.52 billion, a P/E ratio of -8.92 and a beta of 1.33.

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

Insider Buying and Selling at Cidara Therapeutics

In other news, insider Nicole Negar Davarpanah sold 474 shares of the company’s stock in a transaction that occurred on Thursday, September 11th. The stock was sold at an average price of $62.86, for a total value of $29,795.64. Following the sale, the insider directly owned 31,418 shares in the company, valued at approximately $1,974,935.48. This represents a 1.49% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Corporate insiders own 3.89% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of CDTX. Bain Capital Life Sciences Investors LLC lifted its holdings in Cidara Therapeutics by 255.7% during the 2nd quarter. Bain Capital Life Sciences Investors LLC now owns 2,500,680 shares of the biotechnology company’s stock worth $121,808,000 after buying an additional 1,797,600 shares in the last quarter. Commodore Capital LP acquired a new position in Cidara Therapeutics during the 2nd quarter worth $57,234,000. Vivo Capital LLC lifted its holdings in Cidara Therapeutics by 91.7% during the 2nd quarter. Vivo Capital LLC now owns 1,311,425 shares of the biotechnology company’s stock worth $63,880,000 after buying an additional 627,149 shares in the last quarter. Adage Capital Partners GP L.L.C. lifted its holdings in 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 worth $21,325,000 after buying an additional 620,046 shares in the last quarter. Finally, Vestal Point Capital LP acquired a new position in Cidara Therapeutics during the 1st quarter worth $10,868,000. 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.