Cidara Therapeutics (NASDAQ:CDTX) Given "Outperform" Rating at Royal Bank of Canada

Cidara Therapeutics (NASDAQ:CDTX - Get Free Report)'s stock had its "outperform" rating restated by analysts at Royal Bank of Canada in a research report issued to clients and investors on Friday, Marketbeat.com reports. They presently have a $35.00 price objective on the biotechnology company's stock, up from their previous price objective of $31.00. Royal Bank of Canada's price target would indicate a potential upside of 50.63% from the stock's current price.

A number of other equities analysts also recently issued reports on the company. HC Wainwright lifted their price target on Cidara Therapeutics from $24.00 to $35.00 and gave the company a "buy" rating in a research note on Monday, March 10th. JMP Securities raised their price objective on shares of Cidara Therapeutics from $46.00 to $47.00 and gave the stock a "market outperform" rating in a report on Friday, May 9th. Citigroup assumed coverage on Cidara Therapeutics in a research report on Wednesday, March 12th. They issued an "outperform" rating for the company. Needham & Company LLC reiterated a "buy" rating and set a $35.00 price target on shares of Cidara Therapeutics in a research report on Friday, May 23rd. Finally, Citizens Jmp started coverage on shares of Cidara Therapeutics in a research report on Wednesday, March 12th. They set an "outperform" rating and a $46.00 price target for the company. One analyst has rated the stock with a sell rating, seven have assigned a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Cidara Therapeutics has a consensus rating of "Buy" and a consensus price target of $41.86.

Cidara Therapeutics Price Performance

CDTX stock traded down $0.77 during trading hours on Friday, reaching $23.24. The stock had a trading volume of 34,041 shares, compared to its average volume of 78,614. The stock has a 50-day simple moving average of $20.77 and a 200 day simple moving average of $21.25. The stock has a market capitalization of $291.53 million, a PE ratio of -0.91 and a beta of 0.86. Cidara Therapeutics has a fifty-two week low of $10.14 and a fifty-two week high of $28.42.

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

Insider Activity at Cidara Therapeutics

In other news, insider Leslie Tari sold 1,773 shares of the company's stock in a transaction that occurred 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 transaction, the insider now owns 16,215 shares in the company, valued at approximately $356,081.40. This represents a 9.86% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, COO Shane Ward sold 1,664 shares of the company's stock in a transaction that occurred on Tuesday, March 11th. The shares were sold at an average price of $21.96, for a total value of $36,541.44. Following the completion of the transaction, the chief operating officer now directly owns 14,674 shares in the company, valued at $322,241.04. This trade represents a 10.18% decrease in their ownership of the stock. The disclosure for this sale can be found here. 7.64% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

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