WBB Securities Issues Positive Forecast for Cidara Therapeutics (NASDAQ:CDTX) Stock Price

Key Points

• WBB Securities has raised its price target for Cidara Therapeutics' stock from $123.00 to $199.00, indicating a potential upside of 84.85% from its previous close.
• Multiple research firms have issued positive ratings on Cidara Therapeutics, with a consensus rating of "Moderate Buy" and an average price target of $138.86.
• As of Thursday, Cidara Therapeutics' stock price reached $107.66, reflecting a significant increase in trade volume compared to its average.

Cidara Therapeutics (NASDAQ:CDTX - Get Free Report) had its price objective lifted by investment analysts at WBB Securities from $123.00 to $199.00 in a note issued to investors on Thursday,Benzinga reports. The brokerage presently has a "strong-buy" rating on the biotechnology company's stock. WBB Securities' price objective suggests a potential upside of 84.85% from the company's previous close.

Several other research firms also recently weighed in on CDTX. Needham & Company LLC boosted their price target on Cidara Therapeutics from $74.00 to $100.00 and gave the company a "buy" rating in a research note on Wednesday, September 24th. Citigroup reiterated an "outperform" rating on shares of Cidara Therapeutics in a research note on Wednesday, September 24th. Royal Bank Of Canada set a $137.00 price target on Cidara Therapeutics and gave the company an "outperform" rating in a research note on Wednesday, September 24th. JMP Securities set a $173.00 price target on Cidara Therapeutics and gave the company a "market outperform" rating in a research note on Friday, October 3rd. Finally, Weiss Ratings restated a "sell (d-)" rating on shares of Cidara Therapeutics in a research note on Wednesday. One investment analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and one has issued a Sell rating to the company. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $138.86.

Cidara Therapeutics Stock Performance

CDTX stock traded up $9.15 on Thursday, hitting $107.66. 911,641 shares of the company's stock were exchanged, compared to its average volume of 474,301. Cidara Therapeutics has a 12-month low of $10.14 and a 12-month high of $108.93. The firm has a 50 day moving average price of $71.54 and a two-hundred day moving average price of $44.91. The stock has a market cap of $2.73 billion, a P/E ratio of -9.68 and a beta of 1.33.

Cidara Therapeutics (NASDAQ:CDTX - Get Free Report) last announced its earnings results on Thursday, August 7th. The biotechnology company reported ($1.65) earnings per share for the quarter, topping the consensus estimate of ($1.87) by $0.22. Sell-side analysts expect that Cidara Therapeutics will post -8.74 earnings per share for the current fiscal year.

Insider Activity at Cidara Therapeutics

In other Cidara Therapeutics news, insider Nicole Negar Davarpanah sold 474 shares of the stock in a transaction that occurred on Thursday, September 11th. The stock was sold at an average price of $62.86, for a total transaction of $29,795.64. Following the completion of the transaction, the insider owned 31,418 shares of the company's stock, valued at $1,974,935.48. This represents a 1.49% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 3.89% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in CDTX. West Michigan Advisors LLC purchased a new position in shares of Cidara Therapeutics during the first quarter worth $291,000. Vivo Capital LLC raised its stake in shares of Cidara Therapeutics by 2.0% in the first quarter. Vivo Capital LLC now owns 684,276 shares of the biotechnology company's stock valued at $14,739,000 after acquiring an additional 13,676 shares in the last quarter. Aberdeen Group plc acquired a new stake in shares of Cidara Therapeutics in the first quarter valued at $2,604,000. American Century Companies Inc. acquired a new stake in shares of Cidara Therapeutics in the first quarter valued at $224,000. Finally, OMERS ADMINISTRATION Corp raised its stake in shares of Cidara Therapeutics by 53.2% in the first quarter. OMERS ADMINISTRATION Corp now owns 19,300 shares of the biotechnology company's stock valued at $416,000 after acquiring an additional 6,700 shares in the last quarter. 35.82% of the stock is currently owned by hedge funds and other 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.

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