Cidara Therapeutics (NASDAQ:CDTX) Shares Gap Up on Analyst Upgrade

Key Points

• Cidara Therapeutics shares experienced a significant increase after WBB Securities raised their price target from $123.00 to $199.00, resulting in a jump from a prior close of $110.76 to an opening of $116.40.
• Other analysts, including HC Wainwright and JMP Securities, have also increased their price targets for Cidara Therapeutics, contributing to an overall consensus rating of "Moderate Buy" with a target price of $146.50.
• The company, specializing in therapies for serious diseases, reported better-than-expected earnings with a quarterly EPS of ($1.65), surpassing the consensus estimate of ($1.87).

Shares of Cidara Therapeutics, Inc. (NASDAQ:CDTX - Get Free Report) gapped up before the market opened on Friday after WBB Securities raised their price target on the stock from $123.00 to $199.00. The stock had previously closed at $110.76, but opened at $116.40. WBB Securities currently has a strong-buy rating on the stock. Cidara Therapeutics shares last traded at $114.36, with a volume of 253,810 shares traded.

Other analysts also recently issued research reports about the stock. HC Wainwright raised their price objective on shares of Cidara Therapeutics from $110.00 to $150.00 and gave the stock a "buy" rating in a research report on Thursday. Citigroup reaffirmed an "outperform" rating on shares of Cidara Therapeutics in a research report on Wednesday, September 24th. JMP Securities set a $173.00 price target on shares of Cidara Therapeutics and gave the company a "market outperform" rating in a research report on Friday, October 3rd. Needham & Company LLC lifted their price target on shares of Cidara Therapeutics from $74.00 to $100.00 and gave the company a "buy" rating in a research report on Wednesday, September 24th. Finally, Weiss Ratings reissued a "sell (d-)" rating on shares of Cidara Therapeutics in a research report on Wednesday. One research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and one has given a Sell rating to the company. According to MarketBeat, Cidara Therapeutics currently has an average rating of "Moderate Buy" and a consensus target price of $146.50.

Insiders Place Their Bets

In other Cidara Therapeutics news, insider Nicole Negar Davarpanah sold 474 shares of the firm'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 directly owned 31,418 shares in the company, valued at approximately $1,974,935.48. This trade represents a 1.49% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 3.89% of the company's stock.

Hedge Funds Weigh In On Cidara Therapeutics

Several large investors have recently bought and sold shares of CDTX. West Michigan Advisors LLC bought a new stake in shares of Cidara Therapeutics during the 1st quarter worth $291,000. Vivo Capital LLC raised its stake in shares of Cidara Therapeutics by 2.0% during the 1st quarter. Vivo Capital LLC now owns 684,276 shares of the biotechnology company's stock worth $14,739,000 after purchasing an additional 13,676 shares during the period. Aberdeen Group plc bought a new stake in shares of Cidara Therapeutics during the 1st quarter worth $2,604,000. American Century Companies Inc. bought a new stake in shares of Cidara Therapeutics during the 1st quarter worth $224,000. Finally, OMERS ADMINISTRATION Corp raised its stake in shares of 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 purchasing an additional 6,700 shares during the period. 35.82% of the stock is currently owned by institutional investors.

Cidara Therapeutics Stock Performance

The company has a market capitalization of $2.91 billion, a P/E ratio of -10.28 and a beta of 1.33. The stock has a 50 day moving average price of $72.49 and a 200 day moving average price of $45.51.

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, sell-side analysts expect that Cidara Therapeutics, Inc. will post -8.74 earnings per share for the current year.

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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