Cidara Therapeutics, Inc. (NASDAQ:CDTX) Given Average Recommendation of "Buy" by Analysts

Key Points

• Analysts recommend a "Buy" on Cidara Therapeutics, with eight out of nine analysts issuing buy ratings and an average 1-year price target of $64.14.
• Cidara's performance improved, with shares opening at $62.00 and reported better-than-expected earnings of ($1.65) EPS, surpassing estimates by $0.22.
• Significant insider activity was noted, as Ra Capital Management acquired over 2.27 million shares for approximately $100 million, increasing their ownership in the company by nearly 208%.

Shares of Cidara Therapeutics, Inc. (NASDAQ:CDTX - Get Free Report) have received an average rating of "Buy" from the nine brokerages that are covering the stock, Marketbeat.com reports. Eight equities research analysts have rated the stock with a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12-month price objective among analysts that have covered the stock in the last year is $64.1429.

CDTX has been the topic of a number of analyst reports. Royal Bank Of Canada reiterated an "outperform" rating on shares of Cidara Therapeutics in a research report on Tuesday, June 24th. Wall Street Zen raised shares of Cidara Therapeutics to a "sell" rating in a research note on Saturday, May 10th. Needham & Company LLC reaffirmed a "buy" rating and set a $74.00 price target (up from $54.00) on shares of Cidara Therapeutics in a research note on Friday, August 8th. Cantor Fitzgerald reaffirmed an "overweight" rating on shares of Cidara Therapeutics in a research note on Tuesday, June 10th. Finally, HC Wainwright reissued a "buy" rating and issued a $74.00 target price (up from $53.00) on shares of Cidara Therapeutics in a research note on Friday, August 8th.

Insiders Place Their Bets

In other news, Director Ra Capital Management, L.P. bought 2,272,727 shares of the business's stock in a transaction that occurred on Thursday, June 26th. The shares were bought at an average cost of $44.00 per share, for a total transaction of $99,999,988.00. Following the acquisition, the director directly owned 3,365,523 shares in the company, valued at approximately $148,083,012. This trade represents a 207.97% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 3.89% of the company's stock.

Institutional Investors Weigh In On Cidara Therapeutics

A number of hedge funds have recently made changes to their positions in the business. Amalgamated Bank purchased a new stake in Cidara Therapeutics in the second quarter worth approximately $28,000. Trifecta Capital Advisors LLC purchased a new stake in shares of Cidara Therapeutics in the second quarter worth $49,000. Point72 Asia Singapore Pte. Ltd. purchased a new stake in shares of Cidara Therapeutics in the fourth quarter worth $56,000. Legal & General Group Plc purchased a new stake in shares of Cidara Therapeutics during the second quarter valued at $73,000. Finally, Ameritas Investment Partners Inc. bought a new stake in shares of Cidara Therapeutics during the 2nd quarter valued at about $83,000. 35.82% of the stock is currently owned by institutional investors.

Cidara Therapeutics Trading Down 3.5%

NASDAQ:CDTX traded down $2.21 during trading hours on Friday, hitting $61.05. 332,636 shares of the company traded hands, compared to its average volume of 371,751. The stock has a market capitalization of $1.55 billion, a price-to-earnings ratio of -5.49 and a beta of 1.18. Cidara Therapeutics has a twelve month low of $10.14 and a twelve month high of $66.94. The firm has a 50-day moving average of $48.12 and a 200 day moving average of $30.60.

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

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.