Cidara Therapeutics (NASDAQ:CDTX) Given New $47.00 Price Target at JMP Securities

Cidara Therapeutics (NASDAQ:CDTX) had its price objective upped by equities research analysts at JMP Securities from $46.00 to $47.00 in a research note issued to investors on Friday,Benzinga reports. The firm presently has a “market outperform” rating on the biotechnology company’s stock. JMP Securities’ price objective would suggest a potential upside of 154.05% from the company’s previous close.

A number of other equities analysts also recently weighed in on CDTX. HC Wainwright boosted their target price on shares of Cidara Therapeutics from $24.00 to $35.00 and gave the stock a “buy” rating in a research note on Monday, March 10th. Cantor Fitzgerald raised shares of Cidara Therapeutics to a “strong-buy” rating in a report on Wednesday, February 5th. Citizens Jmp started coverage on Cidara Therapeutics in a report on Wednesday, March 12th. They set an “outperform” rating and a $46.00 price objective on the stock. StockNews.com raised Cidara Therapeutics to a “sell” rating in a research note on Wednesday, April 16th. Finally, Citigroup initiated coverage on Cidara Therapeutics in a research report on Wednesday, March 12th. They set an “outperform” rating for the company. One equities research analyst has rated the stock with a sell rating, seven have given a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Buy” and an average price target of $39.57.

Cidara Therapeutics Price Performance

NASDAQ CDTX opened at $18.50 on Friday. The stock’s 50 day simple moving average is $20.56 and its 200 day simple moving average is $20.36. Cidara Therapeutics has a one year low of $10.14 and a one year high of $28.42. The firm has a market cap of $232.12 million, a PE ratio of -0.72 and a beta of 0.86.

Cidara Therapeutics (NASDAQ:CDTX) last announced its earnings results on Thursday, May 8th. The biotechnology company reported ($1.66) EPS for the quarter, topping 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%. As a group, equities analysts expect that Cidara Therapeutics will post -8.74 earnings per share for the current year.

Insider Transactions at Cidara Therapeutics

In related news, COO Shane Ward sold 1,664 shares of the 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 sale, 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 position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Leslie Tari sold 1,773 shares of Cidara Therapeutics stock in a transaction that occurred 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 transaction, the insider now directly owns 16,215 shares in the company, valued at $356,081.40. The trade was a 9.86 % decrease in their position. The disclosure for this sale can be found here. 3.89% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Cidara Therapeutics

Several hedge funds have recently bought and sold shares of the company. Point72 Asia Singapore Pte. Ltd. bought a new stake in shares of Cidara Therapeutics in the 4th quarter valued at $56,000. Point72 Asset Management L.P. acquired a new position in Cidara Therapeutics in the fourth quarter valued at about $165,000. West Michigan Advisors LLC bought a new stake in shares of Cidara Therapeutics in the first quarter worth about $291,000. OMERS ADMINISTRATION Corp acquired a new stake in shares of Cidara Therapeutics during the fourth quarter worth about $339,000. Finally, Jane Street Group LLC bought a new position in shares of Cidara Therapeutics during the 4th quarter valued at about $342,000. 35.82% of the stock is currently owned by institutional investors and hedge funds.

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.