Needham & Company LLC Issues Positive Forecast for Cidara Therapeutics (NASDAQ:CDTX) Stock Price

Key Points

• Needham & Company LLC has raised its price target for Cidara Therapeutics (NASDAQ:CDTX) from $74.00 to $100.00, suggesting a potential upside of 13.96% from the current price.
• Analysts have generally rated the stock positively, with a consensus rating of "Buy" and a target price of $79.00 based on multiple favorable assessments.
• Cidara Therapeutics experienced a significant increase in stock value, trading up $14.26 to hit $87.75 on the day of the report.

Cidara Therapeutics (NASDAQ:CDTX - Get Free Report) had its target price upped by research analysts at Needham & Company LLC from $74.00 to $100.00 in a report issued on Wednesday,Benzinga reports. The firm presently has a "buy" rating on the biotechnology company's stock. Needham & Company LLC's price target would suggest a potential upside of 13.96% from the company's current price.

Several other equities research analysts have also recently weighed in on the stock. HC Wainwright restated a "buy" rating and issued a $74.00 price target (up previously from $53.00) on shares of Cidara Therapeutics in a research report on Friday, August 8th. Guggenheim restated a "buy" rating on shares of Cidara Therapeutics in a research report on Friday, August 8th. WBB Securities reiterated a "strong-buy" rating and set a $123.00 price objective on shares of Cidara Therapeutics in a research report on Monday. Royal Bank Of Canada reiterated an "outperform" rating on shares of Cidara Therapeutics in a research report on Tuesday, June 24th. Finally, JMP Securities upped their price target on shares of Cidara Therapeutics from $59.00 to $66.00 and gave the stock a "market outperform" rating in a report on Friday, August 8th. One investment analyst has rated the stock with a Strong Buy rating and eight have given a Buy rating to the company. According to data from MarketBeat, the company has a consensus rating of "Buy" and a consensus target price of $79.00.

Cidara Therapeutics Stock Performance

Shares of Cidara Therapeutics stock traded up $14.26 on Wednesday, hitting $87.75. 1,860,906 shares of the company traded hands, compared to its average volume of 416,162. The stock has a market capitalization of $2.23 billion, a P/E ratio of -7.87 and a beta of 1.29. Cidara Therapeutics has a 52 week low of $10.14 and a 52 week high of $88.64. The business has a 50-day simple moving average of $63.82 and a 200 day simple moving average of $39.50.

Cidara Therapeutics (NASDAQ:CDTX - Get Free Report) last released its quarterly earnings data on Thursday, August 7th. The biotechnology company reported ($1.65) earnings per share (EPS) for the quarter, beating the consensus estimate of ($1.87) by $0.22. Research analysts expect that Cidara Therapeutics will post -8.74 earnings per share for the current year.

Insider Buying and Selling

In related news, insider Nicole Negar Davarpanah sold 474 shares of Cidara Therapeutics stock in a transaction on Thursday, September 11th. The shares were sold at an average price of $62.86, for a total value of $29,795.64. Following the sale, the insider owned 31,418 shares of the company's stock, valued at approximately $1,974,935.48. This trade represents a 1.49% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Ra Capital Management, L.P. purchased 2,272,727 shares of the company's stock in a transaction that occurred on Thursday, June 26th. The stock was bought at an average cost of $44.00 per share, for a total transaction of $99,999,988.00. Following the purchase, the director directly owned 3,365,523 shares in the company, valued at $148,083,012. This trade represents a 207.97% increase in their position. The disclosure for this purchase can be found here. 7.64% of the stock is owned by company insiders.

Institutional Investors Weigh In On Cidara Therapeutics

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Amalgamated Bank purchased a new position in shares of Cidara Therapeutics during the 2nd quarter worth $28,000. Trifecta Capital Advisors LLC purchased a new position in shares of Cidara Therapeutics during the 2nd quarter worth $49,000. California State Teachers Retirement System purchased a new stake in Cidara Therapeutics in the 2nd quarter valued at about $51,000. Legal & General Group Plc purchased a new stake in Cidara Therapeutics in the 2nd quarter valued at about $73,000. Finally, Tower Research Capital LLC TRC raised its holdings in Cidara Therapeutics by 66.8% in the 2nd quarter. Tower Research Capital LLC TRC now owns 1,556 shares of the biotechnology company's stock valued at $76,000 after buying an additional 623 shares during the period. Institutional investors and hedge funds 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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