Needham & Company LLC Forecasts Strong Price Appreciation for Cidara Therapeutics (NASDAQ:CDTX) Stock

Cidara Therapeutics (NASDAQ:CDTX) had its price objective lifted by Needham & Company LLC from $36.00 to $54.00 in a report released on Monday morning,Benzinga reports. They currently have a buy rating on the biotechnology company’s stock.

A number of other analysts have also recently issued reports on CDTX. Guggenheim upped their target price on Cidara Therapeutics from $35.00 to $50.00 and gave the company a “buy” rating in a research report on Friday, May 16th. Citizens Jmp initiated coverage on Cidara Therapeutics in a research note on Wednesday, March 12th. They issued an “outperform” rating and a $46.00 price objective for the company. Citigroup assumed coverage on Cidara Therapeutics in a report on Wednesday, March 12th. They issued an “outperform” rating for the company. Cantor Fitzgerald restated an “overweight” rating on shares of Cidara Therapeutics in a research report on Tuesday, June 10th. Finally, Wall Street Zen raised shares of Cidara Therapeutics to a “sell” rating in a report on Saturday, May 10th. One research analyst has rated the stock with a sell rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $53.71.

Cidara Therapeutics Price Performance

NASDAQ CDTX opened at $49.33 on Monday. The firm’s fifty day moving average price is $23.87 and its 200 day moving average price is $22.53. Cidara Therapeutics has a 12 month low of $10.14 and a 12 month high of $56.83. The company has a market capitalization of $619.09 million, a price-to-earnings ratio of -1.67 and a beta of 0.79.

Cidara Therapeutics (NASDAQ:CDTX) last released its quarterly earnings data on Thursday, May 8th. The biotechnology company reported ($1.66) earnings per share (EPS) for the quarter, beating the consensus estimate of ($5.45) by $3.79. As a group, sell-side analysts forecast that Cidara Therapeutics will post -8.74 earnings per share for the current year.

Institutional Trading of Cidara Therapeutics

A number of hedge funds have recently added to or reduced their stakes in CDTX. Jane Street Group LLC increased its holdings in shares of Cidara Therapeutics by 119.0% in the first quarter. Jane Street Group LLC now owns 27,849 shares of the biotechnology company’s stock valued at $600,000 after purchasing an additional 15,135 shares during the period. Goldman Sachs Group Inc. lifted its holdings in shares of Cidara Therapeutics by 203.8% during the first quarter. Goldman Sachs Group Inc. now owns 42,143 shares of the biotechnology company’s stock worth $908,000 after purchasing an additional 28,273 shares during the period. Adage Capital Partners GP L.L.C. grew its position in Cidara Therapeutics by 167.6% in the 1st quarter. Adage Capital Partners GP L.L.C. now owns 990,000 shares of the biotechnology company’s stock valued at $21,325,000 after buying an additional 620,046 shares during the last quarter. Vestal Point Capital LP purchased a new position in Cidara Therapeutics in the 1st quarter valued at $10,868,000. Finally, OMERS ADMINISTRATION Corp increased its stake in 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 buying an additional 6,700 shares during the period. 35.82% of the stock is owned by institutional investors and hedge funds.

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.