Cidara Therapeutics (NASDAQ:CDTX) Price Target Raised to $74.00 at Needham & Company LLC

Key Points

• Needham & Company LLC raised its price target for Cidara Therapeutics from $54.00 to $74.00, indicating a potential upside of 19.88% from the current price.
• Cidara Therapeutics reported quarterly earnings that exceeded analysts’ expectations, with a loss of ($1.65) per share, better than the consensus estimate of ($1.87).
• Director Ra Capital Management acquired 2,272,727 shares of Cidara's stock, significantly increasing their ownership by nearly 208%.

Cidara Therapeutics (NASDAQ:CDTX - Get Free Report) had its target price hoisted by equities research analysts at Needham & Company LLC from $54.00 to $74.00 in a research note issued on Friday,Benzinga reports. The firm currently has a "buy" rating on the biotechnology company's stock. Needham & Company LLC's price target suggests a potential upside of 19.88% from the company's current price.

Several other brokerages have also recently commented on CDTX. JMP Securities reaffirmed a "market outperform" rating and issued a $59.00 target price on shares of Cidara Therapeutics in a research report on Monday, June 30th. Cantor Fitzgerald reaffirmed an "overweight" rating on shares of Cidara Therapeutics in a report on Tuesday, June 10th. Wall Street Zen upgraded shares of Cidara Therapeutics to a "sell" rating in a research report on Saturday, May 10th. WBB Securities reissued a "strong-buy" rating and issued a $45.00 price target on shares of Cidara Therapeutics in a research report on Monday, June 23rd. Finally, Royal Bank Of Canada reaffirmed an "outperform" rating on shares of Cidara Therapeutics in a report on Tuesday, June 24th. One equities research analyst has rated the stock with a sell rating, eight have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $63.14.

Cidara Therapeutics Stock Down 0.4%

Shares of Cidara Therapeutics stock opened at $61.73 on Friday. Cidara Therapeutics has a 12-month low of $10.14 and a 12-month high of $66.94. The stock has a 50 day moving average price of $44.98 and a two-hundred day moving average price of $29.46. The stock has a market capitalization of $1.24 billion, a P/E ratio of -2.09 and a beta of 1.18.

Cidara Therapeutics (NASDAQ:CDTX - Get Free Report) last posted its quarterly earnings data 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. Sell-side analysts anticipate that Cidara Therapeutics will post -8.74 earnings per share for the current year.

Insiders Place Their Bets

In other news, Director Ra Capital Management, L.P. acquired 2,272,727 shares of the stock in a transaction that occurred on Thursday, June 26th. The stock was acquired at an average price of $44.00 per share, for a total transaction of $99,999,988.00. Following the transaction, the director directly owned 3,365,523 shares in the company, valued at approximately $148,083,012. This represents a 207.97% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available at this link. Company insiders own 3.89% of the company's stock.

Hedge Funds Weigh In On Cidara Therapeutics

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. TCG Crossover Management LLC acquired a new stake in shares of Cidara Therapeutics in the 4th quarter valued at approximately $26,092,000. VR Adviser LLC acquired a new stake in Cidara Therapeutics in the fourth quarter valued at $20,583,000. Vivo Capital LLC bought a new position in shares of Cidara Therapeutics in the 4th quarter valued at about $18,026,000. Adage Capital Partners GP L.L.C. grew its position in shares of Cidara Therapeutics by 167.6% in the 1st 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 acquiring an additional 620,046 shares during the period. Finally, Vestal Point Capital LP acquired a new position in shares of Cidara Therapeutics during the 1st quarter worth about $10,868,000. 35.82% of the stock is owned by institutional investors and hedge funds.

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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