Cidara Therapeutics (NASDAQ:CDTX) Now Covered by JPMorgan Chase & Co.

Key Points

• JPMorgan Chase & Co. has initiated coverage on Cidara Therapeutics with an "overweight" rating and a price target of $200.00, indicating a potential upside of 80.57% from its previous close.
• Other analysts have also increased their price targets, with Needham & Company setting theirs at $100.00 and HC Wainwright at $150.00, contributing to an average price target of $146.50.
• Shares of Cidara Therapeutics are up 12.4% and have shown significant volatility, with a 52-week range between $10.14 and $111.35.

Investment analysts at JPMorgan Chase & Co. started coverage on shares of Cidara Therapeutics (NASDAQ:CDTX - Get Free Report) in a note issued to investors on Friday,Benzinga reports. The brokerage set an "overweight" rating and a $200.00 price target on the biotechnology company's stock. JPMorgan Chase & Co.'s target price would indicate a potential upside of 80.57% from the company's previous close.

A number of other analysts have also issued reports on the stock. Needham & Company LLC boosted their target price on shares of Cidara Therapeutics from $74.00 to $100.00 and gave the company a "buy" rating in a research note on Wednesday, September 24th. HC Wainwright increased their price target on shares of Cidara Therapeutics from $110.00 to $150.00 and gave the company a "buy" rating in a research report on Thursday. Weiss Ratings restated a "sell (d-)" rating on shares of Cidara Therapeutics in a report on Wednesday. Citigroup reiterated an "outperform" rating on shares of Cidara Therapeutics in a report on Wednesday, September 24th. Finally, Royal Bank Of Canada set a $137.00 price objective on shares of Cidara Therapeutics and gave the stock an "outperform" rating in a research note on Wednesday, September 24th. One investment analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $146.50.

Cidara Therapeutics Stock Up 12.4%

Shares of NASDAQ CDTX opened at $110.76 on Friday. The company has a market cap of $2.81 billion, a PE ratio of -9.95 and a beta of 1.33. The firm's 50-day moving average price is $72.49 and its 200-day moving average price is $45.51. Cidara Therapeutics has a 52-week low of $10.14 and a 52-week high of $111.35.

Cidara Therapeutics (NASDAQ:CDTX - Get Free Report) last released its earnings results on Thursday, August 7th. The biotechnology company reported ($1.65) EPS for the quarter, topping analysts' consensus estimates of ($1.87) by $0.22. As a group, equities research analysts anticipate that Cidara Therapeutics will post -8.74 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, insider Nicole Negar Davarpanah sold 474 shares of the company's stock in a transaction on Thursday, September 11th. The stock was sold at an average price of $62.86, for a total transaction of $29,795.64. Following the transaction, the insider owned 31,418 shares of the company's stock, valued at $1,974,935.48. This represents a 1.49% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. 3.89% of the stock is owned by corporate insiders.

Institutional Trading of Cidara Therapeutics

Institutional investors and hedge funds have recently made changes to their positions in the stock. American Century Companies Inc. purchased a new position in Cidara Therapeutics during the first quarter worth about $224,000. Goldman Sachs Group Inc. boosted its holdings in Cidara Therapeutics by 203.8% in the first quarter. Goldman Sachs Group Inc. now owns 42,143 shares of the biotechnology company's stock valued at $908,000 after purchasing an additional 28,273 shares during the last quarter. Adage Capital Partners GP L.L.C. boosted its holdings in Cidara Therapeutics by 167.6% in the first quarter. Adage Capital Partners GP L.L.C. now owns 990,000 shares of the biotechnology company's stock valued at $21,325,000 after purchasing an additional 620,046 shares during the last quarter. OMERS ADMINISTRATION Corp lifted its holdings in Cidara Therapeutics by 53.2% during the 1st quarter. OMERS ADMINISTRATION Corp now owns 19,300 shares of the biotechnology company's stock worth $416,000 after buying an additional 6,700 shares during the last quarter. Finally, Aberdeen Group plc bought a new position in Cidara Therapeutics during the 1st quarter worth approximately $2,604,000. 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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