Cidara Therapeutics, Inc. (NASDAQ:CDTX) Receives $64.14 Consensus Target Price from Brokerages

Key Points

• Analysts have given Cidara Therapeutics, Inc. (NASDAQ:CDTX) an average rating of "Buy", with eight out of nine covering firms recommending buy and one issuing a strong buy.
• Director Ra Capital Management, L.P. significantly increased their stake in Cidara by 207.97%, buying 2,272,727 shares at an average price of $44.00 each.
• Cidara's stock has shown substantial growth potential with a 12-month average price target of $64.14 according to analyst reports.

Cidara Therapeutics, Inc. (NASDAQ:CDTX - Get Free Report) has been assigned a consensus recommendation of "Buy" from the nine brokerages that are presently covering the company, Marketbeat.com reports. Eight equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. The average twelve-month price objective among brokerages that have issued a report on the stock in the last year is $64.1429.

Several research analysts have recently weighed in on the stock. Cantor Fitzgerald reissued an "overweight" rating on shares of Cidara Therapeutics in a report on Tuesday, June 10th. Guggenheim reissued a "buy" rating on shares of Cidara Therapeutics in a report on Friday, August 8th. WBB Securities reissued a "strong-buy" rating and set a $45.00 price objective on shares of Cidara Therapeutics in a report on Monday, June 23rd. Wall Street Zen raised shares of Cidara Therapeutics to a "sell" rating in a report on Saturday, May 10th. Finally, JMP Securities boosted their price objective on shares of Cidara Therapeutics from $59.00 to $66.00 and gave the company a "market outperform" rating in a report on Friday, August 8th.

Insider Buying and Selling

In other Cidara Therapeutics news, Director Ra Capital Management, L.P. bought 2,272,727 shares of Cidara Therapeutics stock in a transaction on Thursday, June 26th. The stock was acquired 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 owned 3,365,523 shares in the company, valued at approximately $148,083,012. This represents a 207.97% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 3.89% of the company's stock.

Institutional Trading of Cidara Therapeutics

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Millennium Management LLC increased its holdings in Cidara Therapeutics by 158.4% during the fourth quarter. Millennium Management LLC now owns 35,960 shares of the biotechnology company's stock valued at $967,000 after buying an additional 22,041 shares during the last quarter. Jane Street Group LLC purchased a new stake in Cidara Therapeutics during the fourth quarter valued at approximately $342,000. OMERS ADMINISTRATION Corp purchased a new stake in Cidara Therapeutics during the fourth quarter valued at approximately $339,000. Schonfeld Strategic Advisors LLC increased its holdings in Cidara Therapeutics by 154.1% during the fourth quarter. Schonfeld Strategic Advisors LLC now owns 49,557 shares of the biotechnology company's stock valued at $1,332,000 after buying an additional 30,057 shares during the last quarter. Finally, Northern Trust Corp increased its holdings in Cidara Therapeutics by 6.8% during the fourth quarter. Northern Trust Corp now owns 33,957 shares of the biotechnology company's stock valued at $913,000 after buying an additional 2,170 shares during the last quarter. 35.82% of the stock is owned by hedge funds and other institutional investors.

Cidara Therapeutics Stock Down 2.7%

Cidara Therapeutics stock traded down $1.76 during trading hours on Thursday, hitting $63.17. The stock had a trading volume of 424,596 shares, compared to its average volume of 419,868. The stock has a market capitalization of $1.60 billion, a P/E ratio of -5.68 and a beta of 1.29. Cidara Therapeutics has a 12-month low of $10.14 and a 12-month high of $69.36. The stock's 50-day moving average price is $59.71 and its 200-day moving average price is $35.73.

Cidara Therapeutics (NASDAQ:CDTX - Get Free Report) last issued its earnings results on Thursday, August 7th. The biotechnology company reported ($1.65) earnings per share (EPS) for the quarter, topping the consensus estimate of ($1.87) by $0.22. On average, research analysts expect that Cidara Therapeutics will post -8.74 EPS for the current fiscal 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.