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

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

Several other brokerages also recently issued reports on CDTX. Royal Bank Of Canada reiterated an “outperform” rating on shares of Cidara Therapeutics in a research report on Tuesday, June 24th. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Cidara Therapeutics in a research note on Tuesday, June 10th. Needham & Company LLC increased their price target on Cidara Therapeutics from $36.00 to $54.00 and gave the stock a “buy” rating in a research note on Monday, June 23rd. Citizens Jmp started coverage on Cidara Therapeutics in a report on Wednesday, March 12th. They set an “outperform” rating and a $46.00 price target on the stock. Finally, Wall Street Zen raised shares of Cidara Therapeutics to a “sell” rating in a report on Saturday, May 10th. One equities research analyst has rated the stock with a sell rating, eight have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $57.14.

Cidara Therapeutics Price Performance

Shares of CDTX opened at $47.87 on Monday. Cidara Therapeutics has a 12 month low of $10.14 and a 12 month high of $56.83. The stock has a fifty day moving average price of $26.66 and a 200 day moving average price of $23.44. The company has a market cap of $584.49 million, a P/E ratio of -1.62 and a beta of 1.14.

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

Insider Buying and Selling at Cidara Therapeutics

In other news, Director Ra Capital Management, L.P. bought 2,272,727 shares of the stock in a transaction that occurred on Thursday, June 26th. The shares were purchased at an average cost of $44.00 per share, with a total value of $99,999,988.00. Following the completion of the acquisition, the director directly owned 3,365,523 shares in the company, valued at approximately $148,083,012. The trade was a 207.97% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 3.89% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Cidara Therapeutics

A number of institutional investors and hedge funds have recently bought and sold shares of CDTX. ADAR1 Capital Management LLC bought a new stake in shares of Cidara Therapeutics in the 4th quarter worth approximately $670,000. Vivo Capital LLC acquired a new stake in shares of Cidara Therapeutics during the 4th quarter valued at $18,026,000. Adage Capital Partners GP L.L.C. boosted its stake in shares of Cidara Therapeutics by 765.3% during the 4th quarter. Adage Capital Partners GP L.L.C. now owns 369,954 shares of the biotechnology company’s stock worth $9,944,000 after acquiring an additional 327,199 shares in the last quarter. Boothbay Fund Management LLC acquired a new position in shares of Cidara Therapeutics in the 4th quarter worth $419,000. Finally, Northern Trust Corp grew its holdings in shares of Cidara Therapeutics by 6.8% in the 4th quarter. Northern Trust Corp now owns 33,957 shares of the biotechnology company’s stock worth $913,000 after acquiring an additional 2,170 shares during the last quarter. 35.82% of the stock is owned by institutional investors and hedge funds.

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.