JMP Securities Reaffirms Market Outperform Rating for Cidara Therapeutics (NASDAQ:CDTX)

JMP Securities reissued their market outperform rating on shares of Cidara Therapeutics (NASDAQ:CDTX - Free Report) in a research note issued to investors on Tuesday,Benzinga reports. JMP Securities currently has a $47.00 target price on the biotechnology company's stock.

Several other equities research analysts have also recently commented on CDTX. Guggenheim boosted their target price on Cidara Therapeutics from $35.00 to $50.00 and gave the stock a "buy" rating in a report on Friday, May 16th. Citizens Jmp assumed coverage on Cidara Therapeutics in a report on Wednesday, March 12th. They set an "outperform" rating and a $46.00 target price on the stock. Cantor Fitzgerald upgraded shares of Cidara Therapeutics to a "strong-buy" rating in a research report on Wednesday, February 5th. HC Wainwright upped their price target on shares of Cidara Therapeutics from $24.00 to $35.00 and gave the company a "buy" rating in a report on Monday, March 10th. Finally, Wall Street Zen upgraded shares of Cidara Therapeutics to a "sell" rating in a report on Saturday, May 10th. One investment analyst has rated the stock with a sell rating, seven have given a buy rating and two have assigned a strong buy rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Buy" and a consensus price target of $41.86.

Cidara Therapeutics Stock Down 5.5%

CDTX stock traded down $1.31 during trading on Tuesday, reaching $22.69. 186,714 shares of the company's stock were exchanged, compared to its average volume of 79,500. Cidara Therapeutics has a 1-year low of $10.14 and a 1-year high of $28.42. The company's fifty day moving average price is $20.77 and its 200-day moving average price is $21.26. The firm has a market cap of $284.69 million, a PE ratio of -0.89 and a beta of 0.86.

Cidara Therapeutics (NASDAQ:CDTX - Get Free Report) last released its earnings results on Thursday, May 8th. The biotechnology company reported ($1.66) EPS for the quarter, beating the consensus estimate of ($5.45) by $3.79. Cidara Therapeutics had a negative net margin of 289.05% and a negative return on equity of 69.64%. As a group, sell-side analysts expect that Cidara Therapeutics will post -8.74 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, COO Shane Ward sold 1,664 shares of the stock in a transaction dated Tuesday, March 11th. The stock was sold at an average price of $21.96, for a total value of $36,541.44. Following the completion of the sale, the chief operating officer now directly owns 14,674 shares of the company's stock, valued at approximately $322,241.04. This represents a 10.18% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Leslie Tari sold 1,773 shares of Cidara Therapeutics stock in a transaction dated Tuesday, March 11th. The shares were sold at an average price of $21.96, for a total value of $38,935.08. Following the transaction, the insider now directly owns 16,215 shares in the company, valued at approximately $356,081.40. This trade represents a 9.86% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 7.64% of the company's stock.

Institutional Trading of Cidara Therapeutics

A number of hedge funds have recently made changes to their positions in CDTX. Point72 Asia Singapore Pte. Ltd. acquired a new position in Cidara Therapeutics in the 4th quarter valued at approximately $56,000. Point72 Asset Management L.P. purchased a new position in shares of Cidara Therapeutics during the 4th quarter valued at $165,000. American Century Companies Inc. acquired a new position in shares of Cidara Therapeutics in the first quarter worth $224,000. West Michigan Advisors LLC purchased a new stake in shares of Cidara Therapeutics during the first quarter worth $291,000. Finally, OMERS ADMINISTRATION Corp purchased a new stake in shares of Cidara Therapeutics during the fourth quarter worth $339,000. 35.82% of the stock is owned by hedge funds and other institutional investors.

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.