Cidara Therapeutics’ (CDTX) Market Outperform Rating Reaffirmed at JMP Securities

JMP Securities restated their market outperform rating on shares of Cidara Therapeutics (NASDAQ:CDTX) in a report released on Monday morning,Benzinga reports. JMP Securities currently has a $59.00 target price on the biotechnology company’s stock.

Several other brokerages have also commented on CDTX. Wall Street Zen raised Cidara Therapeutics to a “sell” rating in a research note on Saturday, May 10th. WBB Securities reiterated a “strong-buy” rating and issued a $45.00 price objective on shares of Cidara Therapeutics in a report on Monday, June 23rd. HC Wainwright reaffirmed a “buy” rating and set a $53.00 price target (up previously from $41.00) on shares of Cidara Therapeutics in a research report on Monday, June 23rd. Citigroup assumed coverage on Cidara Therapeutics in a report on Wednesday, March 12th. They issued an “outperform” rating on the stock. Finally, Citizens Jmp assumed coverage on shares of Cidara Therapeutics in a research note on Wednesday, March 12th. They set an “outperform” rating and a $46.00 price objective for the company. One analyst has rated the stock with a sell rating, eight have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $57.14.

Cidara Therapeutics Stock Down 2.4%

CDTX stock opened at $47.87 on Monday. The company has a market cap of $584.49 million, a price-to-earnings ratio of -1.62 and a beta of 1.14. Cidara Therapeutics has a 12-month low of $10.14 and a 12-month high of $56.83. The company has a 50 day moving average of $26.66 and a two-hundred day moving average of $23.44.

Cidara Therapeutics (NASDAQ:CDTX) last posted its earnings results on Thursday, May 8th. The biotechnology company reported ($1.66) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($5.45) by $3.79. On average, research analysts anticipate that Cidara Therapeutics will post -8.74 EPS for the current year.

Insider Buying and Selling at Cidara Therapeutics

In other Cidara Therapeutics news, Director Ra Capital Management, L.P. purchased 2,272,727 shares of Cidara Therapeutics stock in a transaction that occurred on Thursday, June 26th. The stock was acquired at an average price of $44.00 per share, with a total value of $99,999,988.00. Following the transaction, the director owned 3,365,523 shares in the company, valued at $148,083,012. This trade represents a 207.97% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 3.89% of the company’s stock.

Institutional Trading of Cidara Therapeutics

Institutional investors have recently made changes to their positions in the company. Millennium Management LLC increased its position in Cidara Therapeutics by 158.4% in the fourth quarter. Millennium Management LLC now owns 35,960 shares of the biotechnology company’s stock worth $967,000 after buying an additional 22,041 shares during the last quarter. Jane Street Group LLC bought a new stake in shares of Cidara Therapeutics during the 4th quarter valued at about $342,000. OMERS ADMINISTRATION Corp purchased a new stake in Cidara Therapeutics in the fourth quarter valued at approximately $339,000. Vivo Capital LLC purchased a new stake in shares of Cidara Therapeutics during the 4th quarter valued at $18,026,000. Finally, Schonfeld Strategic Advisors LLC raised its position in Cidara Therapeutics by 154.1% during the fourth quarter. Schonfeld Strategic Advisors LLC now owns 49,557 shares of the biotechnology company’s stock valued at $1,332,000 after purchasing an additional 30,057 shares in the last quarter. Institutional investors 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.