Cidara Therapeutics (NASDAQ:CDTX) Receives "Market Outperform" Rating from JMP Securities

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

CDTX has been the subject of a number of other research reports. HC Wainwright increased their target price on shares of Cidara Therapeutics from $24.00 to $35.00 and gave the stock a "buy" rating in a report on Monday, March 10th. Citizens Jmp initiated coverage on shares of Cidara Therapeutics in a research report on Wednesday, March 12th. They issued an "outperform" rating and a $46.00 target price on the stock. Needham & Company LLC reaffirmed a "buy" rating and set a $35.00 target price on shares of Cidara Therapeutics in a research note on Friday, May 23rd. Guggenheim upped their price target on shares of Cidara Therapeutics from $35.00 to $50.00 and gave the stock a "buy" rating in a report on Friday, May 16th. Finally, Wall Street Zen raised Cidara Therapeutics to a "sell" rating in a report on Saturday, May 10th. One 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 a consensus rating of "Buy" and an average target price of $41.86.

Cidara Therapeutics Stock Performance

Shares of NASDAQ CDTX traded up $0.04 during mid-day trading on Tuesday, reaching $22.06. The company had a trading volume of 116,386 shares, compared to its average volume of 80,105. The business's 50-day simple moving average is $20.74 and its 200 day simple moving average is $21.37. Cidara Therapeutics has a one year low of $10.14 and a one year high of $28.42. The firm has a market cap of $276.79 million, a price-to-earnings ratio of -0.86 and a beta of 0.86.

Cidara Therapeutics (NASDAQ:CDTX - Get Free Report) last announced its quarterly earnings data 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%. On average, sell-side analysts anticipate that Cidara Therapeutics will post -8.74 EPS for the current year.

Insiders Place Their Bets

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

Institutional Investors Weigh In On Cidara Therapeutics

Several hedge funds and other institutional investors have recently bought and sold shares of CDTX. BVF Inc. IL raised its holdings in 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 buying an additional 389,731 shares during the last quarter. RA Capital Management L.P. grew its stake in Cidara Therapeutics by 55.4% in the 4th quarter. RA Capital Management L.P. now owns 1,092,796 shares of the biotechnology company's stock valued at $29,374,000 after purchasing an additional 389,716 shares during the period. TCG Crossover Management LLC bought a new stake in Cidara Therapeutics in the fourth quarter worth about $26,092,000. Adage Capital Partners GP L.L.C. raised its stake in shares of Cidara Therapeutics by 167.6% in the first quarter. Adage Capital Partners GP L.L.C. now owns 990,000 shares of the biotechnology company's stock valued at $21,325,000 after buying an additional 620,046 shares during the period. Finally, VR Adviser LLC bought a new position in Cidara Therapeutics during the fourth quarter worth about $20,583,000. 35.82% of the stock is owned by 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.