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

Key Points

• Cidara Therapeutics has received an average rating of "Buy" from nine brokerages, with eight analysts recommending a buy and one a strong buy.
• The average 12-month price target for Cidara's stock from analysts is approximately $119.43.
• Recently, several institutional investors have increased their holdings significantly in Cidara, with Bain Capital Life Sciences Investors growing theirs by 255.7%.

Shares of Cidara Therapeutics, Inc. (NASDAQ:CDTX - Get Free Report) have earned an average recommendation of "Buy" from the nine brokerages that are currently covering the company, Marketbeat.com reports. Eight research analysts have rated the stock with a buy recommendation and one has given a strong buy recommendation to the company. The average 12-month price objective among brokers that have issued a report on the stock in the last year is $119.4286.

CDTX has been the subject of several analyst reports. Citigroup reissued an "outperform" rating on shares of Cidara Therapeutics in a report on Wednesday. Needham & Company LLC increased their price objective on shares of Cidara Therapeutics from $74.00 to $100.00 and gave the company a "buy" rating in a report on Wednesday, September 24th. WBB Securities reaffirmed a "strong-buy" rating and set a $123.00 price objective on shares of Cidara Therapeutics in a report on Monday, September 22nd. HC Wainwright increased their price objective on shares of Cidara Therapeutics from $74.00 to $110.00 and gave the company a "buy" rating in a report on Friday. Finally, Royal Bank Of Canada set a $137.00 price objective on shares of Cidara Therapeutics and gave the company an "outperform" rating in a report on Wednesday.

Cidara Therapeutics Trading Up 6.8%

Cidara Therapeutics stock opened at $90.50 on Monday. The firm has a 50 day moving average of $65.73 and a 200 day moving average of $41.00. The firm has a market capitalization of $2.30 billion, a price-to-earnings ratio of -8.13 and a beta of 1.29. Cidara Therapeutics has a 12-month low of $10.14 and a 12-month high of $90.85.

Cidara Therapeutics (NASDAQ:CDTX - Get Free Report) last released 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, analysts predict that Cidara Therapeutics will post -8.74 EPS for the current year.

Insider Transactions at Cidara Therapeutics

In related news, insider Nicole Negar Davarpanah sold 474 shares of the firm's stock in a transaction on Thursday, September 11th. The shares were sold at an average price of $62.86, for a total value of $29,795.64. Following the completion of the transaction, the insider directly owned 31,418 shares of the company's stock, valued at approximately $1,974,935.48. This trade represents a 1.49% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 7.64% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the business. Bain Capital Life Sciences Investors LLC grew its holdings in shares of Cidara Therapeutics by 255.7% in the second quarter. Bain Capital Life Sciences Investors LLC now owns 2,500,680 shares of the biotechnology company's stock valued at $121,808,000 after purchasing an additional 1,797,600 shares in the last quarter. Vivo Capital LLC lifted its position in Cidara Therapeutics by 91.7% in the second quarter. Vivo Capital LLC now owns 1,311,425 shares of the biotechnology company's stock worth $63,880,000 after buying an additional 627,149 shares during the last quarter. Commodore Capital LP bought a new stake in Cidara Therapeutics in the second quarter worth $57,234,000. Adage Capital Partners GP L.L.C. lifted its position in Cidara Therapeutics by 11.1% in the second quarter. Adage Capital Partners GP L.L.C. now owns 1,100,000 shares of the biotechnology company's stock worth $53,581,000 after buying an additional 110,000 shares during the last quarter. Finally, Vestal Point Capital LP bought a new stake in Cidara Therapeutics in the first quarter worth $10,868,000. 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.

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