Cidara Therapeutics, Inc. (NASDAQ:CDTX) Receives Consensus Rating of “Moderate Buy” from Analysts

Cidara Therapeutics, Inc. (NASDAQ:CDTX) has earned an average rating of “Moderate Buy” from the twelve brokerages that are presently covering the stock, MarketBeat reports. One equities research analyst has rated the stock with a sell rating, ten have issued a buy rating and one has assigned a strong buy rating to the company. The average 12 month price objective among brokers that have covered the stock in the last year is $151.3333.

Several analysts have recently weighed in on the stock. Guggenheim set a $167.00 price objective on shares of Cidara Therapeutics and gave the stock a “buy” rating in a research report on Wednesday, September 24th. Morgan Stanley assumed coverage on shares of Cidara Therapeutics in a research report on Thursday, October 16th. They set an “overweight” rating and a $190.00 price objective for the company. JMP Securities set a $173.00 price objective on shares of Cidara Therapeutics and gave the stock a “market outperform” rating in a research report on Friday, October 3rd. Needham & Company LLC boosted their price objective on shares of Cidara Therapeutics from $74.00 to $100.00 and gave the stock a “buy” rating in a research report on Wednesday, September 24th. Finally, HC Wainwright restated a “buy” rating and set a $150.00 price objective on shares of Cidara Therapeutics in a research report on Tuesday.

Cidara Therapeutics Stock Down 3.2%

Shares of Cidara Therapeutics stock opened at $96.16 on Friday. The company has a market capitalization of $2.44 billion, a P/E ratio of -8.64 and a beta of 1.33. Cidara Therapeutics has a 52-week low of $11.12 and a 52-week high of $121.21. The company has a 50 day moving average of $80.98 and a 200 day moving average of $51.39.

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

Insider Activity at Cidara Therapeutics

In other news, insider Nicole Negar Davarpanah sold 474 shares of Cidara Therapeutics stock in a transaction on Thursday, September 11th. The shares were sold at an average price of $62.86, for a total value of $29,795.64. Following the transaction, 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 legal filing with the SEC, which is available through this link. 3.89% of the stock is owned by insiders.

Hedge Funds Weigh In On Cidara Therapeutics

A number of institutional investors have recently modified their holdings of CDTX. West Michigan Advisors LLC acquired a new position in shares of Cidara Therapeutics in the 1st quarter valued at $291,000. Vivo Capital LLC increased its holdings in shares of Cidara Therapeutics by 2.0% in the 1st quarter. Vivo Capital LLC now owns 684,276 shares of the biotechnology company’s stock valued at $14,739,000 after acquiring an additional 13,676 shares during the period. Aberdeen Group plc acquired a new position in shares of Cidara Therapeutics in the 1st quarter valued at $2,604,000. American Century Companies Inc. acquired a new position in shares of Cidara Therapeutics in the 1st quarter valued at $224,000. Finally, OMERS ADMINISTRATION Corp increased its holdings in shares of Cidara Therapeutics by 53.2% in 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 period. 35.82% of the stock is owned by institutional investors and hedge funds.

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.