Royal Bank of Canada Boosts Cidara Therapeutics (NASDAQ:CDTX) Price Target to $35.00

Cidara Therapeutics (NASDAQ:CDTX - Get Free Report) had its target price lifted by stock analysts at Royal Bank of Canada from $31.00 to $35.00 in a research note issued to investors on Friday,Benzinga reports. The firm currently has an "outperform" rating on the biotechnology company's stock. Royal Bank of Canada's price target would indicate a potential upside of 37.82% from the stock's current price.

Several other research analysts have also issued reports on the company. HC Wainwright increased their price objective on Cidara Therapeutics from $24.00 to $35.00 and gave the stock a "buy" rating in a research note on Monday, March 10th. Guggenheim upped their target price 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. Wall Street Zen upgraded shares of Cidara Therapeutics to a "sell" rating in a research report on Saturday, May 10th. Needham & Company LLC restated a "buy" rating and issued a $35.00 price target on shares of Cidara Therapeutics in a research report on Friday. Finally, Citizens Jmp assumed coverage on shares of Cidara Therapeutics in a research note on Wednesday, March 12th. They set an "outperform" rating and a $46.00 price objective on the stock. One analyst has rated the stock with a sell rating, seven have assigned a buy rating and two have given a strong buy rating to the company. According to MarketBeat.com, the company has an average rating of "Buy" and an average target price of $41.86.

Cidara Therapeutics Stock Down 1.2%

CDTX stock traded down $0.31 during midday trading on Friday, hitting $25.40. 13,015 shares of the company traded hands, compared to its average volume of 77,605. The stock has a market capitalization of $318.63 million, a price-to-earnings ratio of -1.00 and a beta of 0.86. Cidara Therapeutics has a twelve month low of $10.14 and a twelve month high of $28.42. The business has a 50 day simple moving average of $20.69 and a 200-day simple moving average of $20.97.

Cidara Therapeutics (NASDAQ:CDTX - Get Free Report) last released its quarterly earnings data on Thursday, May 8th. The biotechnology company reported ($1.66) earnings per share for the quarter, beating the consensus estimate of ($5.45) by $3.79. Cidara Therapeutics had a negative return on equity of 69.64% and a negative net margin of 289.05%. Equities research analysts forecast 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 the firm's stock in a transaction dated Tuesday, March 11th. The stock was sold at an average price of $21.96, for a total value of $38,935.08. Following the transaction, the insider now owns 16,215 shares in the company, valued at $356,081.40. This trade represents a 9.86% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, COO Shane Ward sold 1,664 shares of the business's 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 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 ownership of the stock. The disclosure for this sale can be found here. Insiders own 3.89% of the company's stock.

Hedge Funds Weigh In On Cidara Therapeutics

Large investors have recently bought and sold shares of the business. TCG Crossover Management LLC bought a new position in shares of Cidara Therapeutics in the 4th quarter worth $26,092,000. VR Adviser LLC acquired a new position in Cidara Therapeutics in the fourth quarter valued at about $20,583,000. Vivo Capital LLC bought a new position in Cidara Therapeutics during the fourth quarter worth about $18,026,000. Adage Capital Partners GP L.L.C. grew its position in shares of Cidara Therapeutics by 167.6% during the 1st quarter. Adage Capital Partners GP L.L.C. now owns 990,000 shares of the biotechnology company's stock worth $21,325,000 after buying an additional 620,046 shares during the period. Finally, Vestal Point Capital LP bought a new stake in shares of Cidara Therapeutics in the 1st quarter valued at about $10,868,000. 35.82% of the stock is currently owned by institutional investors and hedge funds.

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.

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