Cidara Therapeutics (NASDAQ:CDTX) Given New $135.00 Price Target at Needham & Company LLC

Cidara Therapeutics (NASDAQ:CDTX) had its price objective boosted by Needham & Company LLC from $100.00 to $135.00 in a research note released on Friday morning,Benzinga reports. The firm currently has a buy rating on the biotechnology company’s stock.

Several other analysts have also recently commented on the stock. JMP Securities set a $173.00 target price on shares of Cidara Therapeutics and gave the stock a “market outperform” rating in a research note on Friday, October 3rd. HC Wainwright restated a “buy” rating and set a $150.00 price objective on shares of Cidara Therapeutics in a report on Tuesday, October 21st. 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 target price for the company. WBB Securities raised their price target 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. Finally, Royal Bank Of Canada set a $137.00 price objective on shares of Cidara Therapeutics and gave the company an “outperform” rating in a research note on Wednesday, September 24th. One research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, Cidara Therapeutics presently has an average rating of “Moderate Buy” and an average target price of $156.11.

Cidara Therapeutics Price Performance

NASDAQ:CDTX traded up $5.75 during trading hours on Friday, reaching $104.39. 955,035 shares of the company traded hands, compared to its average volume of 867,684. The firm’s 50-day moving average is $89.16 and its 200-day moving average is $58.01. The stock has a market cap of $2.65 billion, a P/E ratio of -8.86 and a beta of 1.32. Cidara Therapeutics has a 1-year low of $12.89 and a 1-year high of $121.21.

Cidara Therapeutics (NASDAQ:CDTX) last issued its quarterly earnings data on Thursday, November 6th. The biotechnology company reported ($1.43) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.19) by ($0.24). As a group, research analysts predict that Cidara Therapeutics will post -8.74 earnings per share for the current year.

Insider Buying and Selling

In other Cidara Therapeutics news, insider Nicole Negar Davarpanah sold 474 shares of Cidara Therapeutics stock in a transaction that occurred on Thursday, September 11th. The shares were sold at an average price of $62.86, for a total transaction 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 ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Insiders own 3.89% of the company’s stock.

Hedge Funds Weigh In On Cidara Therapeutics

Several hedge funds and other institutional investors have recently made changes to their positions in CDTX. Amalgamated Bank purchased a new position in Cidara Therapeutics in the second quarter valued at about $28,000. Trifecta Capital Advisors LLC acquired a new position in Cidara Therapeutics in the 2nd quarter worth $49,000. California State Teachers Retirement System acquired a new position in shares of Cidara Therapeutics in the 2nd quarter valued at approximately $51,000. Legal & General Group Plc bought a new position in Cidara Therapeutics during the 2nd quarter valued at $73,000. Finally, Tower Research Capital LLC TRC lifted its position in shares of Cidara Therapeutics by 66.8% during the second quarter. Tower Research Capital LLC TRC now owns 1,556 shares of the biotechnology company’s stock worth $76,000 after purchasing an additional 623 shares during the last quarter. 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.