Cidara Therapeutics (NASDAQ:CDTX) Price Target Raised to $150.00

Key Points

• HC Wainwright has increased the price target for Cidara Therapeutics from $110.00 to $150.00, suggesting a potential upside of 38.89% from the stock's previous close.
• Several analysts have provided ratings on Cidara Therapeutics, with a consensus rating of "Moderate Buy" and an average price target of $128.00.
• The stock has experienced a 9.6% increase recently, climbing to $108.00 during midday trading on Thursday.

Cidara Therapeutics (NASDAQ:CDTX - Get Free Report) had its target price hoisted by HC Wainwright from $110.00 to $150.00 in a research note issued on Thursday,Benzinga reports. The firm presently has a "buy" rating on the biotechnology company's stock. HC Wainwright's price objective indicates a potential upside of 38.89% from the company's previous close.

A number of other analysts also recently issued reports on the company. Citigroup reissued an "outperform" rating on shares of Cidara Therapeutics in a research report on Wednesday, September 24th. Royal Bank Of Canada set a $137.00 price objective on Cidara Therapeutics and gave the stock an "outperform" rating in a research report on Wednesday, September 24th. Weiss Ratings reissued a "sell (d-)" rating on shares of Cidara Therapeutics in a research report on Wednesday. JMP Securities set a $173.00 price objective on Cidara Therapeutics and gave the stock a "market outperform" rating in a research report on Friday, October 3rd. Finally, Guggenheim set a $167.00 price objective on Cidara Therapeutics and gave the stock a "buy" rating in a research report on Wednesday, September 24th. One analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, Cidara Therapeutics currently has an average rating of "Moderate Buy" and a consensus price target of $128.00.

Cidara Therapeutics Stock Up 9.6%

Shares of CDTX traded up $9.49 during midday trading on Thursday, reaching $108.00. The company had a trading volume of 377,991 shares, compared to its average volume of 470,820. Cidara Therapeutics has a 1-year low of $10.14 and a 1-year high of $108.27. The stock has a market cap of $2.74 billion, a PE ratio of -9.73 and a beta of 1.33. The firm has a 50 day simple moving average of $71.54 and a 200-day simple moving average of $44.91.

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

Insider Buying and Selling

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

Hedge Funds Weigh In On Cidara Therapeutics

Several hedge funds and other institutional investors have recently made changes to their positions in CDTX. West Michigan Advisors LLC purchased a new position in shares of Cidara Therapeutics in the 1st quarter valued at about $291,000. Vivo Capital LLC boosted its stake in shares of Cidara Therapeutics by 2.0% in the 1st quarter. Vivo Capital LLC now owns 684,276 shares of the biotechnology company's stock valued at $14,739,000 after buying an additional 13,676 shares during the period. Aberdeen Group plc purchased a new position in shares of Cidara Therapeutics in the 1st quarter valued at about $2,604,000. American Century Companies Inc. purchased a new position in shares of Cidara Therapeutics in the 1st quarter valued at about $224,000. Finally, OMERS ADMINISTRATION Corp boosted its stake in shares of Cidara Therapeutics by 53.2% in the 1st quarter. OMERS ADMINISTRATION Corp now owns 19,300 shares of the biotechnology company's stock valued at $416,000 after buying an additional 6,700 shares during the period. Hedge funds and other institutional investors own 35.82% of the company's stock.

About Cidara Therapeutics

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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