Cidara Therapeutics (NASDAQ:CDTX) Stock Price Expected to Rise, Needham & Company LLC Analyst Says

Cidara Therapeutics (NASDAQ:CDTX) had its price objective boosted by analysts at Needham & Company LLC from $100.00 to $135.00 in a research report issued on Friday,Benzinga reports. The brokerage presently has a “buy” rating on the biotechnology company’s stock. Needham & Company LLC’s price objective indicates a potential upside of 36.86% from the company’s current price.

A number of other research analysts also recently weighed in on the company. Royal Bank Of Canada set a $137.00 price target on Cidara Therapeutics and gave the company an “outperform” rating in a research note on Wednesday, September 24th. JPMorgan Chase & Co. began coverage on Cidara Therapeutics in a research report on Friday, October 10th. They set an “overweight” rating and a $200.00 price target on the stock. HC Wainwright reaffirmed a “buy” rating and issued a $150.00 price objective on shares of Cidara Therapeutics in a research report on Tuesday, October 21st. Weiss Ratings reissued a “sell (d-)” rating on shares of Cidara Therapeutics in a report on Wednesday, October 8th. Finally, WBB Securities increased their price target on Cidara Therapeutics from $123.00 to $199.00 and gave the company a “strong-buy” rating in a research note on Thursday, October 9th. One analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $155.22.

Cidara Therapeutics Stock Up 1.0%

CDTX stock opened at $98.64 on Friday. The business has a fifty day moving average of $88.38 and a 200-day moving average of $57.43. Cidara Therapeutics has a twelve month low of $12.74 and a twelve month high of $121.21. The company has a market cap of $2.50 billion, a P/E ratio of -8.86 and a beta of 1.32.

Cidara Therapeutics (NASDAQ:CDTX) last posted its earnings results on Thursday, November 6th. The biotechnology company reported ($3.10) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.19) by ($1.91). As a group, equities research analysts anticipate that Cidara Therapeutics will post -8.74 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Cidara Therapeutics news, insider Nicole Negar Davarpanah sold 474 shares of the stock in a transaction 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. This represents a 1.49% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 3.89% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the business. Ground Swell Capital LLC bought a new position in shares of Cidara Therapeutics during the third quarter valued at $275,000. Bryce Point Capital LLC bought a new stake in Cidara Therapeutics in the 3rd quarter worth about $381,000. Profund Advisors LLC purchased a new position in shares of Cidara Therapeutics during the third quarter valued at approximately $649,000. ProShare Advisors LLC bought a new stake in shares of Cidara Therapeutics in the third quarter worth $253,000. Finally, Envestnet Asset Management Inc. bought a new position in shares of Cidara Therapeutics in the 3rd quarter worth approximately $567,000. 35.82% of the stock is owned by hedge funds and other institutional investors.

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.