Cidara Therapeutics’ (CDTX) “Buy” Rating Reiterated at Needham & Company LLC

Needham & Company LLC reaffirmed their buy rating on shares of Cidara Therapeutics (NASDAQ:CDTX) in a report issued on Thursday,Benzinga reports. They currently have a $35.00 target price on the biotechnology company’s stock.

Several other research analysts have also recently weighed in on the company. HC Wainwright boosted their target price on Cidara Therapeutics from $24.00 to $35.00 and gave the stock a “buy” rating in a report on Monday, March 10th. Citigroup began coverage on Cidara Therapeutics in a research note on Wednesday, March 12th. They set an “outperform” rating on the stock. StockNews.com raised Cidara Therapeutics to a “sell” rating in a research note on Friday, April 4th. Cantor Fitzgerald raised shares of Cidara Therapeutics to a “strong-buy” rating in a research report on Wednesday, February 5th. Finally, Royal Bank of Canada began coverage on shares of Cidara Therapeutics in a report on Friday, December 13th. They issued an “outperform” rating and a $34.00 price objective for the company. One analyst has rated the stock with a sell rating, six have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat, Cidara Therapeutics currently has a consensus rating of “Buy” and an average price target of $39.14.

Cidara Therapeutics Stock Performance

Shares of CDTX stock opened at $18.20 on Thursday. Cidara Therapeutics has a fifty-two week low of $10.00 and a fifty-two week high of $28.42. The firm has a market capitalization of $199.34 million, a P/E ratio of -0.71 and a beta of 0.89. The stock’s fifty day moving average is $21.43 and its two-hundred day moving average is $19.02.

Cidara Therapeutics (NASDAQ:CDTX) last posted its quarterly earnings results on Thursday, March 6th. The biotechnology company reported ($5.38) earnings per share for the quarter, missing the consensus estimate of ($5.28) by ($0.10). Cidara Therapeutics had a negative return on equity of 69.64% and a negative net margin of 289.05%. On average, equities analysts forecast that Cidara Therapeutics will post -8.74 earnings per share for the current year.

Insider Buying and Selling at Cidara Therapeutics

In other news, insider Leslie Tari sold 1,773 shares of the firm’s stock in a transaction on Tuesday, March 11th. The stock was sold at an average price of $21.96, for a total transaction of $38,935.08. Following the completion of the transaction, the insider now directly 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 filing with the SEC, which is available at the SEC website. Also, COO Shane Ward sold 1,664 shares of Cidara Therapeutics stock in a transaction 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 sale, the chief operating officer now directly owns 14,674 shares of the company’s stock, valued at $322,241.04. The trade was a 10.18 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 7.64% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the business. Point72 Asia Singapore Pte. Ltd. purchased a new stake in Cidara Therapeutics during the 4th quarter worth approximately $56,000. Point72 Asset Management L.P. acquired a new position in shares of Cidara Therapeutics in the fourth quarter worth $165,000. OMERS ADMINISTRATION Corp purchased a new stake in shares of Cidara Therapeutics during the fourth quarter worth $339,000. Jane Street Group LLC acquired a new stake in shares of Cidara Therapeutics in the fourth quarter valued at $342,000. Finally, Boothbay Fund Management LLC purchased a new position in Cidara Therapeutics in the fourth quarter valued at $419,000. Hedge funds and other institutional investors 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.