Cidara Therapeutics, Inc. (NASDAQ:CDTX) Receives Average Rating of "Buy" from Brokerages

Shares of Cidara Therapeutics, Inc. (NASDAQ:CDTX - Get Free Report) have been given a consensus rating of "Buy" by the nine ratings firms that are currently covering the stock, Marketbeat reports. Eight research analysts have rated the stock with a buy recommendation and one has issued a strong buy recommendation on the company. The average 1-year price objective among brokerages that have updated their coverage on the stock in the last year is $57.29.

A number of research firms have recently commented on CDTX. Cantor Fitzgerald reiterated an "overweight" rating on shares of Cidara Therapeutics in a research report on Tuesday, June 10th. JMP Securities restated a "market outperform" rating and set a $59.00 price target on shares of Cidara Therapeutics in a report on Monday, June 30th. HC Wainwright restated a "buy" rating and set a $53.00 price target (up previously from $41.00) on shares of Cidara Therapeutics in a report on Monday, June 23rd. WBB Securities restated a "strong-buy" rating and set a $45.00 price target on shares of Cidara Therapeutics in a report on Monday, June 23rd. Finally, Guggenheim set a $69.00 price target on Cidara Therapeutics in a report on Wednesday, July 9th.

Cidara Therapeutics Stock Performance

Shares of NASDAQ:CDTX opened at $51.49 on Wednesday. Cidara Therapeutics has a fifty-two week low of $10.14 and a fifty-two week high of $56.83. The firm has a market cap of $1.04 billion, a price-to-earnings ratio of -1.75 and a beta of 1.14. The business has a 50-day simple moving average of $31.92 and a two-hundred day simple moving average of $25.16.

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

Insider Activity

In other news, Director Ra Capital Management, L.P. acquired 2,272,727 shares of Cidara Therapeutics stock in a transaction dated Thursday, June 26th. The stock was purchased at an average cost of $44.00 per share, for a total transaction of $99,999,988.00. Following the completion of the purchase, the director directly owned 3,365,523 shares in the company, valued at $148,083,012. This trade represents a 207.97% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 7.64% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the stock. Millennium Management LLC increased its position in shares of Cidara Therapeutics by 158.4% in 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 in the last quarter. Jane Street Group LLC acquired a new stake in shares of Cidara Therapeutics in the fourth quarter worth approximately $342,000. OMERS ADMINISTRATION Corp acquired a new stake in shares of Cidara Therapeutics in the fourth quarter worth approximately $339,000. Vivo Capital LLC acquired a new stake in shares of Cidara Therapeutics in the fourth quarter worth approximately $18,026,000. Finally, Schonfeld Strategic Advisors LLC boosted its stake in shares of Cidara Therapeutics by 154.1% in the fourth quarter. Schonfeld Strategic Advisors LLC now owns 49,557 shares of the biotechnology company's stock worth $1,332,000 after acquiring an additional 30,057 shares during the last quarter. 35.82% of the stock is currently 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.

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