Cidara Therapeutics (NASDAQ:CDTX) Shares Up 5.5% - Time to Buy?

Key Points

• Cidara Therapeutics shares rose by 5.5%, reaching a last trading price of $101.74, with a notable increase in trading volume.
• Research analysts have mixed views on the stock, with one Strong Buy, eight Buy ratings, and a recent sell rating from Weiss Ratings, indicating varied investor confidence.
• The company has a market cap of $2.58 billion and reported a better-than-expected EPS of ($1.65) for the last quarter, surpassing estimates of ($1.87).

Cidara Therapeutics, Inc. (NASDAQ:CDTX - Get Free Report)'s stock price shot up 5.5% during trading on Tuesday . The stock traded as high as $101.48 and last traded at $101.74. 497,344 shares changed hands during mid-day trading, an increase of 7% from the average session volume of 466,118 shares. The stock had previously closed at $96.45.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on the stock. Weiss Ratings reiterated a "sell (d-)" rating on shares of Cidara Therapeutics in a research note on Saturday, September 27th. Needham & Company LLC raised their target price on shares of Cidara Therapeutics from $74.00 to $100.00 and gave the stock a "buy" rating in a report on Wednesday, September 24th. HC Wainwright raised their price objective on shares of Cidara Therapeutics from $74.00 to $110.00 and gave the stock a "buy" rating in a research note on Friday, September 26th. Citigroup reaffirmed an "outperform" rating on shares of Cidara Therapeutics in a research note on Wednesday, September 24th. Finally, Guggenheim set a $167.00 target price on shares of Cidara Therapeutics and gave the company a "buy" rating in a research note on Wednesday, September 24th. One equities research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $122.29.

Cidara Therapeutics Price Performance

The firm has a market cap of $2.58 billion, a P/E ratio of -9.14 and a beta of 1.33. The stock's 50 day moving average is $70.00 and its two-hundred day moving average is $44.14.

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

Insider Activity

In other Cidara Therapeutics news, insider Nicole Negar Davarpanah sold 474 shares of the business'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 sale, the insider directly owned 31,418 shares of the company's stock, valued at approximately $1,974,935.48. The trade was a 1.49% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders own 3.89% of the company's stock.

Institutional Investors Weigh In On Cidara Therapeutics

Hedge funds have recently bought and sold shares of the company. Amalgamated Bank acquired a new stake in Cidara Therapeutics in the second quarter worth $28,000. Trifecta Capital Advisors LLC acquired a new stake in Cidara Therapeutics in the second quarter worth $49,000. California State Teachers Retirement System acquired a new stake in Cidara Therapeutics in the second quarter worth $51,000. Legal & General Group Plc acquired a new stake in Cidara Therapeutics in the second quarter worth $73,000. Finally, Tower Research Capital LLC TRC raised its holdings in Cidara Therapeutics by 66.8% in the second quarter. Tower Research Capital LLC TRC now owns 1,556 shares of the biotechnology company's stock worth $76,000 after purchasing an additional 623 shares during the period. 35.82% of the stock is currently owned by institutional investors and hedge funds.

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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