WBB Securities Forecasts Strong Price Appreciation for Cidara Therapeutics (NASDAQ:CDTX) Stock

Key Points

• WBB Securities has raised its price target for Cidara Therapeutics (NASDAQ:CDTX) from $45.00 to $123.00, suggesting a significant potential upside of 79.01% from its previous close.
• Several analysts have reiterated Buy ratings for Cidara Therapeutics, with a consensus average target price of $75.29 among them.
• Cidara reported a quarterly EPS loss of ($1.65), exceeding analysts' estimates, and has a market cap of $1.74 billion.

Cidara Therapeutics (NASDAQ:CDTX - Get Free Report) had its target price increased by equities research analysts at WBB Securities from $45.00 to $123.00 in a research note issued to investors on Monday,Benzinga reports. The brokerage currently has a "strong-buy" rating on the biotechnology company's stock. WBB Securities' price objective points to a potential upside of 62.98% from the company's current price.

CDTX has been the subject of several other reports. Royal Bank Of Canada reaffirmed an "outperform" rating on shares of Cidara Therapeutics in a report on Tuesday, June 24th. HC Wainwright reaffirmed a "buy" rating and issued a $74.00 price objective (up previously from $53.00) on shares of Cidara Therapeutics in a research report on Friday, August 8th. Cantor Fitzgerald reaffirmed an "overweight" rating on shares of Cidara Therapeutics in a research report on Tuesday, June 10th. JMP Securities boosted their price target on Cidara Therapeutics from $59.00 to $66.00 and gave the company a "market outperform" rating in a research report on Friday, August 8th. Finally, Needham & Company LLC reissued a "buy" rating and set a $74.00 price target (up previously from $54.00) on shares of Cidara Therapeutics in a research report on Friday, August 8th. One equities research analyst has rated the stock with a Strong Buy rating and eight have given a Buy rating to the company. According to MarketBeat, the company presently has an average rating of "Buy" and a consensus target price of $75.29.

Cidara Therapeutics Trading Up 9.8%

Shares of CDTX traded up $6.76 during midday trading on Monday, reaching $75.47. 741,873 shares of the stock were exchanged, compared to its average volume of 575,990. The company has a market capitalization of $1.91 billion, a P/E ratio of -6.78 and a beta of 1.29. The company's 50 day moving average is $63.38 and its two-hundred day moving average is $39.26. Cidara Therapeutics has a 52 week low of $10.14 and a 52 week high of $75.64.

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

Insider Activity

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

Institutional Investors Weigh In On Cidara Therapeutics

A number of institutional investors have recently added to or reduced their stakes in the company. American Century Companies Inc. bought a new position in Cidara Therapeutics in the 1st quarter worth approximately $224,000. Millennium Management LLC boosted its holdings in Cidara Therapeutics by 158.4% in the 4th quarter. Millennium Management LLC now owns 35,960 shares of the biotechnology company's stock worth $967,000 after buying an additional 22,041 shares during the period. Jane Street Group LLC purchased a new stake in Cidara Therapeutics in the 4th quarter worth approximately $342,000. Adage Capital Partners GP L.L.C. lifted its stake in Cidara Therapeutics by 167.6% in 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 purchasing an additional 620,046 shares in the last quarter. Finally, Northern Trust Corp lifted its stake in Cidara Therapeutics by 6.8% in the 4th 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 in the last quarter. 35.82% of the stock is owned by institutional investors.

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.