Cidara Therapeutics, Inc. (NASDAQ:CDTX) Receives $119.43 Average Price Target from Brokerages

Cidara Therapeutics, Inc. (NASDAQ:CDTX) has been given an average recommendation of “Moderate Buy” by the ten research firms that are currently covering the firm, MarketBeat reports. One research analyst has rated the stock with a sell recommendation, eight have given a buy recommendation and one has assigned a strong buy recommendation to the company. The average 1-year target price among analysts that have issued ratings on the stock in the last year is $122.2857.

A number of research firms have weighed in on CDTX. Guggenheim set a $167.00 target price on Cidara Therapeutics and gave the company a “buy” rating in a report on Wednesday, September 24th. HC Wainwright increased their target price on Cidara Therapeutics from $74.00 to $110.00 and gave the company a “buy” rating in a report on Friday, September 26th. 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. Citigroup reissued an “outperform” rating on shares of Cidara Therapeutics in a research note on Wednesday, September 24th. Finally, Cantor Fitzgerald restated an “overweight” rating on shares of Cidara Therapeutics in a report on Tuesday, June 10th.

Cidara Therapeutics Trading Up 3.5%

NASDAQ CDTX opened at $101.99 on Monday. Cidara Therapeutics has a 12 month low of $10.14 and a 12 month high of $106.63. The stock has a market cap of $2.59 billion, a P/E ratio of -9.16 and a beta of 1.33. The stock’s fifty day moving average price is $69.32 and its 200-day moving average price is $43.62.

Cidara Therapeutics (NASDAQ:CDTX) last released its earnings results on Thursday, August 7th. The biotechnology company reported ($1.65) EPS for the quarter, topping analysts’ consensus estimates of ($1.87) by $0.22. As a group, analysts forecast 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 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 completion of the transaction, the insider owned 31,418 shares in the company, valued at approximately $1,974,935.48. The trade was a 1.49% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 7.64% of the company’s stock.

Hedge Funds Weigh In On Cidara Therapeutics

A number of large investors have recently bought and sold shares of the business. Tower Research Capital LLC TRC raised its position in Cidara Therapeutics by 66.8% during the 2nd quarter. Tower Research Capital LLC TRC now owns 1,556 shares of the biotechnology company’s stock valued at $76,000 after purchasing an additional 623 shares in the last quarter. Soleus Capital Management L.P. bought a new stake in Cidara Therapeutics during the 2nd quarter valued at $22,544,000. BNP Paribas Financial Markets raised its position in Cidara Therapeutics by 10,594.1% during the 2nd quarter. BNP Paribas Financial Markets now owns 1,818 shares of the biotechnology company’s stock valued at $89,000 after purchasing an additional 1,801 shares in the last quarter. Bain Capital Life Sciences Investors LLC raised its position 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 valued at $121,808,000 after purchasing an additional 1,797,600 shares in the last quarter. Finally, Balyasny Asset Management L.P. bought a new stake in Cidara Therapeutics during the 2nd quarter valued at $5,709,000. Hedge funds and other 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.