HC Wainwright Forecasts Strong Price Appreciation for Cidara Therapeutics (NASDAQ:CDTX) Stock

Key Points

• HC Wainwright raised the price target for Cidara Therapeutics' stock from $74.00 to $110.00, indicating a potential upside of 29.78% from the previous closing price.
• Several other analysts have set higher price targets for Cidara Therapeutics, with estimates ranging from $123.00 to $167.00, reflecting a general bullish sentiment.
• The stock has shown significant volatility over the past year, with a low of $10.14 and a high of $90.64, currently opening at $84.76.

Cidara Therapeutics (NASDAQ:CDTX - Get Free Report) had its price objective raised by equities research analysts at HC Wainwright from $74.00 to $110.00 in a research note issued on Friday,Benzinga reports. The firm presently has a "buy" rating on the biotechnology company's stock. HC Wainwright's price target would suggest a potential upside of 29.78% from the company's previous close.

A number of other equities research analysts have also commented on the company. Royal Bank Of Canada set a $137.00 price target on Cidara Therapeutics and gave the stock an "outperform" rating in a research report on Wednesday. Guggenheim set a $167.00 price target on Cidara Therapeutics and gave the stock a "buy" rating in a research report on Wednesday. WBB Securities restated a "strong-buy" rating and set a $123.00 price target on shares of Cidara Therapeutics in a research report on Monday. Needham & Company LLC increased their price target on Cidara Therapeutics from $74.00 to $100.00 and gave the stock a "buy" rating in a research report on Wednesday. Finally, JMP Securities set a $153.00 price objective on Cidara Therapeutics in a report on Wednesday. One investment analyst has rated the stock with a Strong Buy rating and eight have issued a Buy rating to the company's stock. Based on data from MarketBeat, Cidara Therapeutics has an average rating of "Buy" and a consensus price target of $119.43.

Cidara Therapeutics Price Performance

Shares of NASDAQ CDTX opened at $84.76 on Friday. Cidara Therapeutics has a one year low of $10.14 and a one year high of $90.64. The business's 50-day moving average price is $65.12 and its two-hundred day moving average price is $40.26. The company has a market capitalization of $2.15 billion, a P/E ratio of -7.62 and a beta of 1.29.

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. On average, equities analysts anticipate that Cidara Therapeutics will post -8.74 EPS for the current year.

Insider Buying and Selling at Cidara Therapeutics

In other 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 value of $29,795.64. Following the completion of the transaction, the insider 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 Securities & Exchange Commission, which is available at the SEC website. 3.89% of the stock is owned by insiders.

Hedge Funds Weigh In On Cidara Therapeutics

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