Cidara Therapeutics' (CDTX) "Buy" Rating Reaffirmed at Needham & Company LLC

Cidara Therapeutics (NASDAQ:CDTX - Get Free Report)'s stock had its "buy" rating reaffirmed by equities research analysts at Needham & Company LLC in a report released on Friday,Benzinga reports. They currently have a $35.00 price target on the biotechnology company's stock. Needham & Company LLC's price objective would suggest a potential upside of 50.63% from the company's current price.

A number of other analysts have also recently issued reports on CDTX. Wall Street Zen raised Cidara Therapeutics to a "sell" rating in a research report on Saturday, May 10th. Cantor Fitzgerald raised Cidara Therapeutics to a "strong-buy" rating in a research note on Wednesday, February 5th. Citigroup assumed coverage on Cidara Therapeutics in a research note on Wednesday, March 12th. They issued an "outperform" rating for the company. Guggenheim increased their price objective on Cidara Therapeutics from $35.00 to $50.00 and gave the stock a "buy" rating in a report on Friday, May 16th. Finally, Citizens Jmp started coverage on shares of Cidara Therapeutics in a research note on Wednesday, March 12th. They issued an "outperform" rating and a $46.00 target price for the company. One equities research analyst has rated the stock with a sell rating, seven have given a buy rating and two have issued a strong buy rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Buy" and a consensus price target of $41.86.

Cidara Therapeutics Stock Down 3.2%

Shares of NASDAQ CDTX traded down $0.77 during mid-day trading on Friday, hitting $23.24. 34,041 shares of the company traded hands, compared to its average volume of 78,614. Cidara Therapeutics has a 1 year low of $10.14 and a 1 year high of $28.42. The stock has a market capitalization of $291.53 million, a price-to-earnings ratio of -0.91 and a beta of 0.86. The business has a 50 day moving average of $20.77 and a two-hundred day moving average of $21.25.

Cidara Therapeutics (NASDAQ:CDTX - Get Free Report) last posted its quarterly earnings results on Thursday, May 8th. The biotechnology company reported ($1.66) earnings per share for the quarter, beating the consensus estimate of ($5.45) by $3.79. Cidara Therapeutics had a negative return on equity of 69.64% and a negative net margin of 289.05%. As a group, research analysts anticipate that Cidara Therapeutics will post -8.74 EPS for the current year.

Insider Activity at Cidara Therapeutics

In related news, insider Leslie Tari sold 1,773 shares of the company's stock in a transaction on Tuesday, March 11th. The shares were sold at an average price of $21.96, for a total transaction of $38,935.08. Following the completion of the transaction, the insider now directly owns 16,215 shares in the company, valued at $356,081.40. This represents a 9.86% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, COO Shane Ward sold 1,664 shares of the firm's stock in a transaction on Tuesday, March 11th. The stock was sold at an average price of $21.96, for a total transaction of $36,541.44. Following the completion of the sale, the chief operating officer now owns 14,674 shares in the company, valued at $322,241.04. This represents a 10.18% decrease in their ownership of the stock. The disclosure for this sale can be found here. 7.64% of the stock is owned by company insiders.

Institutional Investors Weigh In On Cidara Therapeutics

Several hedge funds have recently made changes to their positions in CDTX. Point72 Asia Singapore Pte. Ltd. acquired a new position in Cidara Therapeutics in the fourth quarter worth about $56,000. Point72 Asset Management L.P. bought a new stake in Cidara Therapeutics during the 4th quarter worth about $165,000. American Century Companies Inc. acquired a new stake in shares of Cidara Therapeutics in the first quarter valued at approximately $224,000. West Michigan Advisors LLC acquired a new stake in shares of Cidara Therapeutics in the 1st quarter valued at $291,000. Finally, OMERS ADMINISTRATION Corp bought a new stake in Cidara Therapeutics during the 4th quarter worth about $339,000. Institutional investors own 35.82% of the company's stock.

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.