JMP Securities Forecasts Strong Price Appreciation for Cidara Therapeutics (NASDAQ:CDTX) Stock

Key Points

• JMP Securities raised its target price for Cidara Therapeutics from $59.00 to $66.00, indicating a potential upside of 7.68% from the stock's previous close.
• Multiple analysts have given Cidara Therapeutics a "buy" rating, with target prices reaching as high as $74.00 by HC Wainwright and Needham & Company.
• In a significant insider move, Ra Capital Management purchased over 2.27 million shares of Cidara Therapeutics at an average price of $44.00, increasing their holdings substantially.

Cidara Therapeutics (NASDAQ:CDTX - Free Report) had its price target upped by JMP Securities from $59.00 to $66.00 in a research note published on Friday,Benzinga reports. They currently have a market outperform rating on the biotechnology company's stock.

Other research analysts have also recently issued reports about the stock. Guggenheim set a $69.00 target price on shares of Cidara Therapeutics in a research report on Wednesday, July 9th. Needham & Company LLC reaffirmed a "buy" rating and issued a $74.00 price target (up from $54.00) on shares of Cidara Therapeutics in a report on Friday. Wall Street Zen raised shares of Cidara Therapeutics to a "sell" rating in a report on Saturday, May 10th. Cantor Fitzgerald reaffirmed an "overweight" rating on shares of Cidara Therapeutics in a report on Tuesday, June 10th. Finally, HC Wainwright reaffirmed a "buy" rating and issued a $74.00 price target (up from $53.00) on shares of Cidara Therapeutics in a report on Friday. One equities research analyst has rated the stock with a sell rating, eight have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, Cidara Therapeutics presently has an average rating of "Moderate Buy" and a consensus target price of $64.14.

Cidara Therapeutics Price Performance

Shares of NASDAQ CDTX remained flat at $62.00 during trading on Friday. 291,955 shares of the stock were exchanged, compared to its average volume of 369,738. The business's fifty day moving average price is $46.56 and its 200-day moving average price is $30.15. Cidara Therapeutics has a twelve month low of $10.14 and a twelve month high of $66.94. The company has a market cap of $1.57 billion, a P/E ratio of -5.57 and a beta of 1.18.

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

Insider Buying and Selling at Cidara Therapeutics

In other Cidara Therapeutics news, Director Ra Capital Management, L.P. bought 2,272,727 shares of the company's stock in a transaction on Thursday, June 26th. The shares were bought at an average cost of $44.00 per share, with a total value of $99,999,988.00. Following the completion of the acquisition, the director owned 3,365,523 shares of the company's stock, valued at approximately $148,083,012. This trade represents a 207.97% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 7.64% of the company's stock.

Institutional Trading of Cidara Therapeutics

A number of institutional investors and hedge funds have recently modified their holdings of the business. BVF Inc. IL raised its holdings in shares of Cidara Therapeutics by 55.4% during the fourth quarter. BVF Inc. IL now owns 1,092,796 shares of the biotechnology company's stock worth $29,374,000 after purchasing an additional 389,731 shares during the period. RA Capital Management L.P. grew its position in shares of Cidara Therapeutics by 55.4% during the fourth quarter. RA Capital Management L.P. now owns 1,092,796 shares of the biotechnology company's stock worth $29,374,000 after acquiring an additional 389,716 shares during the last quarter. TCG Crossover Management LLC bought a new position in shares of Cidara Therapeutics during the fourth quarter worth about $26,092,000. Adage Capital Partners GP L.L.C. grew its position in shares of Cidara Therapeutics by 167.6% during the first quarter. Adage Capital Partners GP L.L.C. now owns 990,000 shares of the biotechnology company's stock worth $21,325,000 after acquiring an additional 620,046 shares during the last quarter. Finally, VR Adviser LLC bought a new position in shares of Cidara Therapeutics during the fourth quarter worth about $20,583,000. 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.