Cidara Therapeutics (NASDAQ:CDTX) Stock Price Expected to Rise, Guggenheim Analyst Says

Cidara Therapeutics (NASDAQ:CDTX) had its price objective increased by Guggenheim from $33.00 to $35.00 in a report published on Friday,Benzinga reports. The firm currently has a buy rating on the biotechnology company’s stock.

A number of other equities research analysts have also issued reports on CDTX. Citigroup began coverage on Cidara Therapeutics in a research note on Wednesday, March 12th. They issued an “outperform” rating for the company. Citizens Jmp began coverage on Cidara Therapeutics in a research note on Wednesday, March 12th. They issued an “outperform” rating and a $46.00 price target for the company. Cantor Fitzgerald upgraded Cidara Therapeutics to a “strong-buy” rating in a research report on Wednesday, February 5th. Needham & Company LLC restated a “buy” rating and set a $35.00 price objective on shares of Cidara Therapeutics in a research report on Thursday, April 10th. Finally, JMP Securities raised their price objective on Cidara Therapeutics from $46.00 to $47.00 and gave the company a “market outperform” rating in a research report on Friday. One analyst has rated the stock with a sell rating, seven have assigned a buy rating and two have issued a strong buy rating to the company. According to MarketBeat.com, Cidara Therapeutics currently has an average rating of “Buy” and an average price target of $39.57.

Cidara Therapeutics Stock Performance

Shares of CDTX stock opened at $18.50 on Friday. Cidara Therapeutics has a 52-week low of $10.14 and a 52-week high of $28.42. The firm has a market capitalization of $232.12 million, a PE ratio of -0.72 and a beta of 0.86. The stock has a fifty day simple moving average of $20.56 and a two-hundred day simple moving average of $20.42.

Cidara Therapeutics (NASDAQ:CDTX) last issued its quarterly earnings results on Thursday, May 8th. The biotechnology company reported ($1.66) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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%. On average, sell-side analysts forecast that Cidara Therapeutics will post -8.74 EPS for the current fiscal year.

Insider Activity

In related news, insider Leslie Tari sold 1,773 shares of the stock in a transaction dated Tuesday, March 11th. The shares were sold at an average price of $21.96, for a total value of $38,935.08. Following the completion of the transaction, the insider now owns 16,215 shares of the company’s stock, valued at approximately $356,081.40. This trade represents a 9.86% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, COO Shane Ward sold 1,664 shares of the stock in a transaction dated Tuesday, March 11th. The shares were sold at an average price of $21.96, for a total transaction of $36,541.44. Following the completion of the transaction, the chief operating officer now directly owns 14,674 shares of the company’s stock, valued at approximately $322,241.04. The trade was a 10.18% decrease in their position. The disclosure for this sale can be found here. Company insiders own 3.89% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the business. Point72 Asia Singapore Pte. Ltd. bought a new position in shares of Cidara Therapeutics in the 4th quarter valued at about $56,000. Point72 Asset Management L.P. bought a new stake in Cidara Therapeutics in the fourth quarter worth about $165,000. West Michigan Advisors LLC bought a new stake in Cidara Therapeutics in the first quarter worth about $291,000. OMERS ADMINISTRATION Corp bought a new stake in Cidara Therapeutics in the fourth quarter worth about $339,000. Finally, Jane Street Group LLC bought a new stake in Cidara Therapeutics in the fourth quarter worth about $342,000. 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.