Needham & Company LLC Boosts Cidara Therapeutics (NASDAQ:CDTX) Price Target to $36.00

Cidara Therapeutics (NASDAQ:CDTX - Free Report) had its price objective increased by Needham & Company LLC from $35.00 to $36.00 in a research report report published on Wednesday morning,Benzinga reports. Needham & Company LLC currently has a buy rating on the biotechnology company's stock.

Several other equities analysts have also recently weighed in on CDTX. HC Wainwright increased their price target on Cidara Therapeutics from $24.00 to $35.00 and gave the company a "buy" rating in a report on Monday, March 10th. Wall Street Zen upgraded Cidara Therapeutics to a "sell" rating in a research report on Saturday, May 10th. Guggenheim raised their target price on Cidara Therapeutics from $35.00 to $50.00 and gave the stock a "buy" rating in a research report on Friday, May 16th. Citigroup began coverage on shares of Cidara Therapeutics in a research report on Wednesday, March 12th. They set an "outperform" rating for the company. Finally, Citizens Jmp began coverage on shares of Cidara Therapeutics in a research note on Wednesday, March 12th. They issued an "outperform" rating and a $46.00 price objective on the stock. One research analyst has rated the stock with a sell rating, seven have issued a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat, Cidara Therapeutics currently has a consensus rating of "Buy" and an average target price of $42.00.

Cidara Therapeutics Price Performance

Shares of Cidara Therapeutics stock remained flat at $24.05 during trading on Wednesday. The company had a trading volume of 225,731 shares, compared to its average volume of 82,921. Cidara Therapeutics has a 12 month low of $10.14 and a 12 month high of $28.42. The stock has a 50-day simple moving average of $20.84 and a 200-day simple moving average of $21.56. The stock has a market cap of $301.76 million, a PE ratio of -0.94 and a beta of 0.86.

Cidara Therapeutics (NASDAQ:CDTX - Get Free Report) last announced its quarterly earnings results on Thursday, May 8th. The biotechnology company reported ($1.66) earnings per share (EPS) for the quarter, beating analysts' consensus estimates 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%. Research analysts expect that Cidara Therapeutics will post -8.74 EPS for the current year.

Insider Buying and Selling

In other news, insider Leslie Tari sold 1,773 shares of the stock in a transaction on Tuesday, March 11th. The shares were sold at an average price of $21.96, for a total value of $38,935.08. Following the completion of the sale, the insider now directly owns 16,215 shares of the company's stock, valued at $356,081.40. This represents a 9.86% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, COO Shane Ward sold 1,664 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 $36,541.44. Following the transaction, the chief operating officer now owns 14,674 shares in the company, valued at approximately $322,241.04. This trade represents a 10.18% decrease in their position. The disclosure for this sale can be found here. 3.89% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in CDTX. ADAR1 Capital Management LLC purchased a new position in shares of Cidara Therapeutics in the fourth quarter worth $670,000. Vivo Capital LLC bought a new stake in Cidara Therapeutics in the 4th quarter valued at $18,026,000. Adage Capital Partners GP L.L.C. lifted its stake in Cidara Therapeutics by 765.3% in the 4th quarter. Adage Capital Partners GP L.L.C. now owns 369,954 shares of the biotechnology company's stock worth $9,944,000 after purchasing an additional 327,199 shares in the last quarter. Boothbay Fund Management LLC bought a new position in shares of Cidara Therapeutics during the 4th quarter valued at about $419,000. Finally, Northern Trust Corp grew its position in shares of Cidara Therapeutics by 6.8% during the fourth quarter. Northern Trust Corp now owns 33,957 shares of the biotechnology company's stock valued at $913,000 after purchasing an additional 2,170 shares in the last quarter. 35.82% of the stock is currently owned by institutional investors.

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.