Cidara Therapeutics, Inc. (NASDAQ:CDTX) Given Consensus Recommendation of “Buy” by Brokerages

Shares of Cidara Therapeutics, Inc. (NASDAQ:CDTX) have earned a consensus recommendation of “Buy” from the eight analysts that are currently covering the stock, Marketbeat Ratings reports. Six equities research analysts have rated the stock with a buy recommendation and two have issued a strong buy recommendation on the company. The average 1-year target price among analysts that have updated their coverage on the stock in the last year is $39.14.

CDTX has been the subject of a number of analyst reports. HC Wainwright lifted their target price on shares of Cidara Therapeutics from $24.00 to $35.00 and gave the stock a “buy” rating in a report on Monday, March 10th. Cantor Fitzgerald raised Cidara Therapeutics to a “strong-buy” rating in a research note on Wednesday, February 5th. Citigroup assumed coverage on Cidara Therapeutics in a research report on Wednesday, March 12th. They set an “outperform” rating for the company. Citizens Jmp initiated coverage on shares of Cidara Therapeutics in a research report on Wednesday, March 12th. They issued an “outperform” rating and a $46.00 price target on the stock. Finally, Royal Bank of Canada began coverage on shares of Cidara Therapeutics in a report on Friday, December 13th. They set an “outperform” rating and a $34.00 price objective for the company.

Insider Activity

In related news, insider Leslie Tari sold 1,773 shares of the business’s stock in a transaction on Tuesday, March 11th. The shares were sold at an average price of $21.96, for a total value of $38,935.08. Following the sale, the insider now directly owns 16,215 shares of the company’s stock, valued at approximately $356,081.40. The trade was a 9.86 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, COO Shane Ward sold 1,664 shares of the company’s stock in a transaction dated Tuesday, March 11th. The stock was sold at an average price of $21.96, for a total value of $36,541.44. Following the transaction, the chief operating officer now directly owns 14,674 shares of the company’s stock, valued at $322,241.04. This represents a 10.18 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 7.64% of the company’s stock.

Institutional Investors Weigh In On Cidara Therapeutics

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Point72 Asia Singapore Pte. Ltd. acquired a new position in shares of Cidara Therapeutics during the 4th quarter worth about $56,000. Point72 Asset Management L.P. acquired a new position in Cidara Therapeutics during the fourth quarter valued at approximately $165,000. OMERS ADMINISTRATION Corp acquired a new position in Cidara Therapeutics during the fourth quarter valued at approximately $339,000. Jane Street Group LLC bought a new position in Cidara Therapeutics in the fourth quarter valued at approximately $342,000. Finally, Boothbay Fund Management LLC acquired a new position in shares of Cidara Therapeutics during the 4th quarter worth approximately $419,000. 35.82% of the stock is currently owned by institutional investors and hedge funds.

Cidara Therapeutics Stock Up 6.5 %

Shares of CDTX opened at $18.20 on Monday. The stock’s fifty day simple moving average is $21.43 and its 200-day simple moving average is $19.02. The firm has a market capitalization of $199.34 million, a PE ratio of -0.71 and a beta of 0.89. Cidara Therapeutics has a 12-month low of $10.00 and a 12-month high of $28.42.

Cidara Therapeutics (NASDAQ:CDTX) last released its earnings results on Thursday, March 6th. The biotechnology company reported ($5.38) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($5.28) by ($0.10). Cidara Therapeutics had a negative net margin of 289.05% and a negative return on equity of 69.64%. Analysts anticipate that Cidara Therapeutics will post -8.74 EPS for the current year.

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.